Investors Turn Cautious Ahead of U.S. Jobs Report Amid Iran Tensions
Markets are showing defensive moves as investors prepare for key U.S. labor data and rising tensions in Iran.
Bitcoin is approaching $70,000, down from a peak near $74,000 earlier this week, reflecting broader risk-off sentiment. Traders are positioning ahead of the U.S. jobs report, due at 13:30 UTC, which is expected to show the unemployment rate steady at 4.3% and nonfarm payrolls dropping to 59,000. Labor data can influence Federal Reserve rate expectations, often prompting risk reduction.
Geopolitical concerns are also driving oil prices higher, with WTI crude climbing above $83 per barrel, up more than 5% in 24 hours. The U.S. Dollar Index (DXY) strengthened above 99, and the 10-year Treasury yield rose to roughly 4.16%.
Equities are slightly weaker, with the Invesco QQQ ETF down about 0.5% pre-market. Crypto-focused stocks including MicroStrategy (MSTR), Coinbase (COIN), and Marathon Digital (MARA) are also trading lower.
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