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US stocks declined and Treasury yields rose after data showed the American labor market remains strong, fueling speculation the Federal Reserve has room to keep raising rates. The S&P 500 and the Nasdaq 100 fell after hiring numbers topped estimates in a private payrolls report and new claims for unemployment benefits unexpectedly fell last week. Together, the data suggest resiliency in the labor market that could lead to higher wages. Government employment figures are due Friday.
Early last year, cryptocurrency exchange FTX US was setting its sights on a vast pool of money: individual retirement accounts, or IRAs. “We have IRAs trading on FTX today, and are making a push to serve this segment,” Nate Clancy, FTX US’s vice president of business development, wrote in a March email to a New Jersey-based investment adviser, a copy of which was seen by Bloomberg News. Americans held more than $11 trillion in IRAs as of last year.
State-controlled Saudi Aramco lowers crude prices for Asia. Move comes as economies slow and Covid cases in China surge. Saudi Arabia cut oil prices for its main market of Asia and for Europe, signaling that demand remains sluggish as economies slow and coronavirus cases in China surge.
