Meta Platforms (META.O) slipped intraday, down 4.89%.

Weak US nonfarm payrolls pushed Treasury prices higher and reduced Fed rate-hike expectations. The 2yr Treasury yield fell 6bps to 4.11% and the 10yr fell 2bps to 4.46%. Interest-rate swaps price the odds of a hike at the Fed meeting later this month at about 20%, down from roughly 33% before the data. Markets now expect fewer than two hikes by Mar 2027, each no larger than 25bps. Nonfarm payrolls rose 57,000 last month (prior two months revised lower); Bloomberg-surveyed economists had forecast a 113,000 gain. Labor force participation dropped materially, pushing the unemployment rate down to 4.2%.

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