The cryptocurrency market experienced a broad rally on May 9. At the time of writing, Bitcoin was up nearly 1%, Ethereum gained over 1%, Solana surged more than 5%, Zcash rose over 4%, while Dogecoin and Ripple each advanced over 2%.

According to data from CoinGlass, nearly 80,000 traders were liquidated across the crypto market in the past 24 hours, with total liquidation amounts approaching $200 million.

In regulatory news, CNBC reported that a significant bill targeting the cryptocurrency industry is scheduled for a preliminary vote in the Senate Banking Committee on May 14.

On the economic data front, figures released by the U.S. Labor Department on May 8 showed that non-farm payrolls increased by 115,000 in April, significantly exceeding market estimates of 65,000 but falling short of the revised March figure of 185,000.

The job growth in April was primarily driven by the healthcare, transportation and warehousing, and retail sectors. Employment in construction and leisure and hospitality increased for the second consecutive month. Economists noted that the boom in data center construction may continue to support labor demand in the construction sector this year. Employment in the information sector declined again in April, marking the 16th consecutive month of decreases. Major tech companies like Microsoft and Meta are scaling back their workforces, partly to offset high investments in artificial intelligence.

The data also indicated that the U.S. unemployment rate remained unchanged at 4.3% in April. The number of people unemployed for less than five weeks increased by 358,000 month-over-month to 2.496 million, while the number of long-term unemployed rose slightly by 12,000 to 1.833 million.

Nick Timiraos, often referred to as the "Fed whisperer," commented that the six-month average of hiring climbed to 55,000 positions, reaching its highest level since May 2025. He stated this report gives the Federal Reserve room to keep interest rates unchanged for the foreseeable future.

Jeffrey Gundlach, Chief Investment Officer of DoubleLine Capital, known as the "Bond King," said in an interview that at the beginning of the year, the market had expected the Fed might cut rates two to three times by the end of 2026. Now, he believes hopes for a rate cut this year may have completely evaporated.

According to the latest forecast from Bank of America, the Federal Reserve is expected to delay interest rate cuts until the second half of 2027, primarily due to elevated inflation levels and robust job growth.

The CME FedWatch Tool indicates that the probability of a rate cut before the second half of 2027 is below 50%.

In international news, citing reports from the Associated Press and other media, Huanqiu.com reported that multiple officials stated an explosion and fire occurred at a refinery in St. Bernard Parish, Louisiana, on May 8. No casualties were reported. The incident involved the Chalmette Refinery, located approximately 10 miles (about 16 kilometers) east of New Orleans, Louisiana's largest city. According to the AP, the Chalmette Refinery was built in 1915, processes about 189,000 barrels of crude oil per day, produces specialty chemicals, and employs 500 workers and 200 contractors. A vice president at the University of Houston noted that the refinery's daily output accounts for about 1% of U.S. daily oil consumption.

Separately, news from the United Kingdom on May 9 indicated that the Royal Navy destroyer HMS Dragon will be redeployed to the Middle East, potentially to participate in护航 operations in the Strait of Hormuz.

Earlier, the Indian Consulate in Dubai posted on social media that an Indian wooden dhow caught fire and sank near the Strait of Hormuz, resulting in the death of one Indian sailor and injuries to four others.

Indian authorities stated they have contacted the dhow's owner and are verifying further details.

Furthermore, on May 9, the governor of Rong Port County in Iran's southern Hormozgan province denied earlier reports that "U.S. fighter jets attacked multiple Iranian cargo ships and fishing boats in the waters near the port of Sib in the Sea of Oman." Those reports claimed six vessels were attacked, leaving six people missing and six injured.

The county governor stated in an interview that reports attributed to him by some media were "not true." He emphasized that, as of now, relevant authorities have not released any official or verified information or statistics regarding such an incident.

Information synthesized from CoinGlass, CCTV News, and previous reports by Securities Times.