Non-farm data below expectations, US stock futures continue to strengthen

After the December employment report was released, U.S. stock index futures continued to rise. Data showed that non-farm payrolls increased by only 50,000, below the market expectation of 73,000, but the unemployment rate further declined from 4.5% last month to 4.4%, indicating that the overall job market remains resilient.

Market participants generally believe that the signals sent by this report are relatively positive—this is the first employment data released as scheduled in three months, with more positive signals than negative factors. Art Hogan, Chief Strategist at B.Riley Wealth, stated that from a structural perspective, the data reflects that the resilience of the labor market is still intact.

Easing Rate Cut Expectations

The slowdown in job growth actually eased the Federal Reserve’s policy decision this month. The market was originally worried that strong employment data would force the central bank to maintain high interest rates, but this “moderate” report alleviated some of the urgency for another rate cut. Nevertheless, investors still expect the Fed to implement a new round of rate cuts before the end of the year, which is generally positive for risk assets.

Cryptocurrency Market’s Correlated Response

Positive signals from traditional finance have also transmitted to the crypto market. As of the latest data (January 12, 2026, 19:24), the performance of mainstream crypto assets is as follows:

• BTC current price $91.56K, 24-hour change +0.89%, maintaining a strong stance
• ETH price $3.11K, 24-hour change -0.76%, slight adjustment
• BNB price $908.20, 24-hour change +0.03%, relatively stable

This round of gains in U.S. stock futures has set the tone for subsequent crypto performance. Against the backdrop of easing but not fully reversing rate cut expectations, market demand for risk assets remains.

Follow-up Focus

In the short term, the market will focus on the Federal Reserve’s policy stance and upcoming economic data. If employment continues to grow moderately, U.S. stock futures may continue to support the upward momentum of cryptocurrencies. Conversely, if there is a significant deterioration, it could trigger a new round of risk reassessment.