US stocks inched higher on Thursday and Treasury yields surged after stronger-than-expected jobs data tempered expectations of a rate cut in July, pushing the S&P 500 to its fourth all-time high in five trading days.The S&P 500 rose 0.3%, continuing its record-breaking run, while the Nasdaq Composite gained 0.5%. The Dow Jones Industrial Average added 88 points. The bond market saw a sharper reaction, with Treasury yields jumping after traders dialled back bets on an imminent rate cut by the Federal Reserve, AP reported.The market rally came after the latest US jobs report showed surprising strength in the labour market. The data prompted investors to reassess the likelihood of a July rate cut, which many had priced in before the release.Earlier in the day, US stock futures were flat ahead of the report, as Wall Street awaited fresh cues on employment. Economists had forecast that unemployment could tick up to 4.3% in June — the highest since October 2021 — amid headwinds from President Donald Trump’s trade tariffs, hiring freezes, and immigration policies.Also Read | US labour market data: Jobless claims drop to 233,000 as layoffs stay low; total unemployment rolls hold near 2 millionWhile the job market remains historically strong, there are signs of strain. Many employers are grappling with the impact of tariffs, which raise costs and reduce competitiveness. Several of Trump’s proposed import taxes are currently paused but set to take effect next week, potentially affecting hiring and inflation further unless trade deals are struck.In global markets, Europe saw modest gains, with Germany’s DAX and France’s CAC 40 each adding 0.1%, and Britain’s FTSE 100 rising 0.4%.Asian markets posted mixed results. Japan’s Nikkei 225 rose 0.1% to 39,785.90, while South Korea’s Kospi gained 1.3%. Hong Kong’s Hang Seng slipped 0.6%, and Australia’s ASX 200 edged down 0.1%. Taiwan’s TAIEX added 1.3%, India’s Sensex rose 0.2%, and Vietnam’s VN Index slipped 0.2%.In commodities, US crude fell 14 cents to $67.31, while Brent dropped 21 cents to $68.90. In currency trade, the dollar strengthened to 143.85 yen from 143.65 yen. The euro inched up to $1.1793.Markets in the US will remain closed on Friday for the July 4 holiday.
