The non-farm employment report showed that the U.S. labor market has cooled down but remains resilient: 275,000 new non-farm jobs were added in February, 75,000 more than analysts expected, and the total number of new jobs in December and January was revised down to 167,000. ; The unemployment rate did not stabilize in January as analysts expected, but rose to 3.9%, a new high in two years; wage growth slowed down from January, with year-on-year growth equal to the expected 4.3%, and month-on-month growth of 0.1%, lower than 0.2% expected.

The commentary said that although employment growth exceeded expectations in February, employment growth in the previous two months was significantly revised down, wage growth slowed down in February, and the unemployment rate unexpectedly increased. Taken together, it indicates that the Federal Reserve still needs to act cautiously and may start to cut interest rates in the middle of the year. Feel reassured. The heavy employment report released on Friday made traders increase their bets that the Federal Reserve will cut interest rates in June this year, and the rate cuts are expected to increase during the year.

After the employment report was released, swap contract pricing showed that investors were almost 100% digesting expectations of a 25 basis point interest rate cut in June, and expected a total of about 98 basis points of interest rate cuts this year, or about four rate cuts; U.S. Treasury bond prices fell first in the short term, After that, they jumped rapidly and the yields accelerated their decline. The interest rate-sensitive two-year U.S. Treasury bond yields fell to a one-month low, diving more than 10 basis points from the daily high. Afterwards, the decline in U.S. bond yields may narrow or turn up. , short-term bonds maintained a downward trend.

After the employment report, the major U.S. stock indexes all rose during the session. The S&P is expected to continue to set a new record closing high, and the Nasdaq hit a new record high after a week. Chip stocks once again supported the market. Nvidia has continued to hit record highs in stock prices for more than a week, and its market value has begun to approach Apple, which ranks second in the U.S. stock market. TSMC’s U.S. stocks have reached a new high, joining hands with Nvidia to achieve double-digit gains this week.

The Dow opened down 0.04%, the S&P 500 rose 0.16%, and the Nasdaq rose 0.3%. NVIDIA opened up 2.3%, and its market value is close to Apple. TSMC’s U.S. stocks opened up more than 3%, with the stock price hitting a record high. The company’s revenue in February increased by 11.3% year-on-year. Novo Nordisk's U.S. stock opened down 1.6% on reports that semaglutide will be approved for weight loss in China within the year. Eli Lilly opened down 0.8% as the U.S. FDA delayed approval of Eli Lilly's Alzheimer's drug. Among popular Chinese concept stocks, Li Auto rose 2.6% at the opening, Baidu rose about 1%, and NIO rose about 1.2%. The number of U.S. non-farm payrolls increased more than expected in February, and the unemployment rate rebounded to 3.9%.