Global equity markets posted broad gains on Friday, driven by a softer-than-expected US jobs report that significantly tempered expectations for an immediate interest rate hike by the Federal Reserve.
The labor data, which signaled a cooling in hiring momentum, provided relief to investors who had been pricing in a more aggressive tightening cycle.
Regional activity gauges released alongside the jobs data further supported the narrative of a resilient but moderating economic expansion, reinforcing the view that the Fed may have room to pause.
The repricing of rate expectations sent US Treasury yields lower, with the 10-year yield retreating from recent highs as traders adjusted their models for the federal funds path.
The decline in yields provided a tailwind for rate-sensitive sectors, including technology and real estate, which led the advance in US indices.
The Dow Jones Industrial Average and the S&P 500 both extended their gains from the previous session, where initial reactions to the jobs data had already sparked a buying wave.