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Stocks Remain Stable as Oil Output Cut Announced

U.S. stocks remained stable on Monday as positive payroll data indicated that the S&P 500 is on the verge of entering a bull market. S&P 500 futures remained steady as did those on the Dow Jones Industrial Average. Contracts on the tech-heavy Nasdaq Composite Index edged 0.2% lower.

Asian stocks advanced during the morning session, with Tokyo’s Nikkei 225 gaining 2%, putting it on track to its highest close since July 1990. The MSCI Asia Pacific Index rose by 0.5%.

Oil also made gains following Saudi Arabia’s announcement that it would implement a supply cut of 1 million barrels per day in July following a slump in prices; its lowest production level over the last few years. West Texas Intermediate surged by almost 5% in the morning session, trading at around $73 per barrel.

Bonds were also on the rise, with two-year Treasury yields rising six basis points. “The surge in US payrolls has stoked another leg higher in US yields and reinforced the Fed’s preferred view that a resilient economy means a steady hand in June is a likely rate-hike ‘skip’ rather than an extended pause,” Sean Callow, senior currency strategist at Westpac Banking Corp. observed.

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