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January 9, 2026 – 09:30

(Bloomberg) — The dollar rose along with Treasury yields as investors braced for Friday’s US payrolls report and a possible Supreme Court ruling on President Donald Trump’s tariffs. US stock futures wavered.

The greenback climbed to a one-month high and was headed for its best week since November, with the yen leading losses among major peers. European stocks rose 0.4%. Glencore Plc jumped 7% in London after resuming talks with Rio Tinto Group on a buyout. S&P 500 contracts were little changed.

Traders are bracing for two back-to-back risk events on Friday that may sway the mood of the market in the near term, marking one of the biggest tests for global equities since their rebound from April’s tariff-driven slump. The US payrolls data for December is particularly important for the clues it will offer on the Federal Reserve’s path for interest rates.

“Markets are definitely oscillating a bit ahead of tonight’s US jobs numbers and concerns over the Supreme Court ruling,” said Nick Twidale, chief market analyst at AT Global Markets. “Markets are cautiously optimistic overall, but we need a bit of stability on the geopolitical front and more information from the US after the fog in data from the shutdown.”

Economists surveyed by Bloomberg anticipate that 70,000 new positions were added to the US economy in December, slightly higher than the prior month, while the unemployment rate is expected to fall to 4.5%. Markets fully price at least two quarter-point Fed cuts in 2026, while odds favor an initial cut in April.

The Supreme Court could also decide the fate of most of Trump’s tariffs as soon as Friday. Hundreds of companies have already lined up hoping to recoup their share of the billions of dollars in duties paid so far.

“Ahead of payrolls and the possible Supreme Court ruling on ‘Reciprocal Tariffs,’ markets are in cautious mode,” Vishnu Varathan, head of macro research, Asia ex-Japan at Mizuho Securities, wrote in a note.

What Bloomberg strategists say…

Trump’s willingness to directly intervene in business is increasing by the day and it threatens to erode momentum for stocks and bonds. That represents a potential headwind for global markets, with US assets unlikely to move decisively higher unless the pace of presidential distractions ebbs.

— Garfield Reynolds, Asia MLIV Team Leader. For full analysis, click here.

The key element in the Supreme Court decision will be whether there is a clear path for keeping past and future tariff revenues intact, which would be positive for the dollar, Steve Englander, head of global G-10 FX research at Standard Chartered Bank, wrote in a client note.

In other corners of the market, oil extended its gain as investors monitored developments in Venezuela and Iran. Silver and gold were little changed.

Earlier, mortgage bonds advanced and home-lender stocks in the US rallied after Trump’s move to bring down the cost of housing. There are roughly $9 trillion worth of agency mortgage bonds outstanding.

Corporate News:

Rio Tinto Group is in talks to buy Glencore Plc to create the world’s biggest mining company with a combined market value of more than $200 billion, a little over a year after earlier talks between the two collapsed. Glencore shares rose 11% on Tradegate versus the London close. IAG SA, the parent of British Airways, said Chief Financial Officer Nicholas Cadbury will step down and leave the group in the middle of the year. General Motors Co. will take another $6 billion in charges tied to production cutbacks in its electric vehicle and battery operations as the financial fallout spreads from the weakening US market for EVs. Taiwan Semiconductor Manufacturing Co.’s revenue topped estimates, reinforcing hopes of sustained global AI spending in 2026 despite concerns about an industry bubble. MiniMax Group Inc., one of China’s largest generative AI startups, surged in Hong Kong after an initial public offering that raised $619 million. Alibaba Group Holding Ltd. shares jumped on optimism that the tech giant can benefit if Nvidia Corp.’s H200 chips are made available in China. Some of the main moves in markets:

Stocks

The Stoxx Europe 600 rose 0.4% as of 8:27 a.m. London time S&P 500 futures were unchanged Nasdaq 100 futures were little changed Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index was little changed The MSCI Emerging Markets Index fell 0.1% Currencies

The Bloomberg Dollar Spot Index rose 0.1% The euro fell 0.1% to $1.1646 The Japanese yen fell 0.4% to 157.55 per dollar The offshore yuan was little changed at 6.9812 per dollar The British pound fell 0.1% to $1.3422 Cryptocurrencies

Bitcoin fell 0.5% to $90,705.9 Ether fell 0.2% to $3,110.17 Bonds

The yield on 10-year Treasuries advanced two basis points to 4.18% Germany’s 10-year yield was little changed at 2.86% Britain’s 10-year yield was little changed at 4.40% Commodities

Brent crude rose 0.8% to $62.51 a barrel Spot gold was little changed This story was produced with the assistance of Bloomberg Automation.

–With assistance from Winnie Hsu, Ruth Carson, Finbarr Flynn, David Finnerty and James Hirai.

©2026 Bloomberg L.P.