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US STOCKS GIVE UP INITIAL GAINS, TURN RED, AS RATE CUT BETS TAKE A HIT

After initially rallying out of the gate, the three main indexes have now turned negative.

Stronger-than-expected jobs data pointed to a resilient U.S. economy, while the unemployment rate ticked down for January. However, the data lowered bets for interest-rate cuts by the Federal Reserve.

That said, a majority of S&P 500 .SPX sectors are higher with Energy .SPNY, up around 1.5%, posting the biggest rise. Communication Services .SPLRCL, off around 0.9%, is the biggest loser.

Of note, banks .SPXBK, .KRX are trading just slightly lower, but the iShares Broker Dealer ETF IAI.P is down for a second day. The IAI is now on track for its biggest two-day loss since April 2025.

Transports .DJT and chips .SOX are among outperformers, while biotech .NBI and software .SPLRCIS are among weaker groups.

The DJT is on track for a record closing high, as are S&P 500 Energy .SPNY, Industrials .SPLRCI, and Materials .SPLRCM.

Meanwhile, the U.S. 10-Year Treasury yield US10YT=RR is now back up to around 4.17%. However, the 20-month moving average, which is now resistance around 4.21%, is so far capping the move higher.

Here is a snapshot of where markets stood around 10:10 a.m. ET:

(Terence Gabriel)

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EARLIER ON LIVE MARKETS:

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BEFORE THE BELL: EUROPEAN FUTURES MIXED, LSEG EYED, LOTS OF EARNINGS CLICK HERE

YEN ROARS BACK AS US CONSUMER ENGINE SPUTTERS CLICK HERE

(Terence Gabriel is a Reuters market analyst. The views expressed are his own)