Last Friday, when markets closed for Good Friday, the U.S. Bureau of Labor Statistics reported job data for March. The economy added 178,000 jobs. This contrasts with the eye-opening 133,000 jobs cut in February.
The BLS revised January payroll, adding 34,000 (for +160,000). February figures fell by 41,000 to -133,000.
The strong job data is a bearish development for stock markets. It counted on weak figures to compel the Federal Reserve to cut interest rates. Instead, rising inflation from tariffs and the Iran conflict might require the central bank to raise interest rates instead.
Investors should expect bond markets to trade lower as yields rise. The two bond ETFS, 7-10 Year T-bill (IEF) and 20+ year T-bill (TLT) might dip. U.S. banks are out of favor. In 2026, shares of JPMorgan Chase (JPM) fell by 8.6%, while Wells Fargo (WFC) lost 13.5%. Credit card stocks performed worse: Visa (V) lost 14.23% in 2026, and Mastercard (MA) fell by 13.6%.
Asset managers punished investors. Blackstone (BX) fell by 26.66% this year. KKR (KKR), Ares Capital (ARES), and Apollo (APO) fell by 28.4% or more. Credit conditions are worsening, leading to the enforcement of limiting redemptions. Investors who speculated on private credit cannot collectively sell more than 5% of the assets managed.
