Investors Shift to Defense Ahead of U.S. Jobs Data as Iran Tensions Rise
Markets are turning cautious as investors brace for U.S. labor market data and escalating geopolitical tensions in Iran.
Bitcoin is nearing a drop below $70,000, after earlier this week climbing to around $74,000. The decline reflects a broader risk-off sentiment as traders position ahead of key macroeconomic releases and the developing conflict.
The U.S. jobs report, due at 13:30 UTC, is expected to show the unemployment rate steady at 4.3% and nonfarm payrolls falling to 59,000. Labor data is closely watched because it can influence Federal Reserve interest-rate expectations, prompting investors to reduce risk exposure.
WTI crude has surged above $83 per barrel, up over 5% in 24 hours, amid the Iran conflict. The U.S. Dollar Index (DXY) has strengthened above 99, while the 10-year Treasury yield rose to about 4.16%.
Equities are slightly lower, with the Invesco QQQ ETF down roughly 0.5% in pre-market trading. Crypto-focused stocks including MicroStrategy (MSTR), Coinbase (COIN), and Marathon Digital (MARA) are also trading lower.
