SHANGHAI, Jun 6 —This is a roundup of global macroeconomic news last night and what is expected today.

The U.S. dollar rose against a basket of currencies on Friday after a better-than-expected U.S. employment report pointed to a tight labor market that could keep the Federal Reserve on an aggressive path of interest rate hikes.

Nonfarm payrolls increased by 390,000 jobs last month, the Labor Department said in its closely watched employment report on Friday. Economists polled by Reuters had forecast payrolls increasing by 325,000 jobs in May.

The U.S. Dollar Currency Index, which tracks the greenback against six other major currencies, was 0.4% higher at 102.16 after rising as high as 102.22 following the jobs report. For the week, the index was up about 0.5%.

Stock futures were little changed in overnight trading Sunday after a losing week as investors continued to bet that the Federal Reserve will tighten monetary policy aggressively to combat surging inflation.

Futures on the Dow Jones Industrial Average gained 30 points. S&P 500 futures and Nasdaq 100 futures were both flat.

The overnight action followed another disappointing week for investors as the major averages suffered modest losses. The blue-chip Dow fell 0.9% for its ninth negative week in 10, while the S&P 500 and the Nasdaq Composite lost 1.2% and 1%, respectively, last week for their eighth losing week in nine.

Investors have been grappling with fears that the central bank could raise interest rates too fast and too much, causing a recession. Recent statements from the rate-setting Fed members indicate that 50 basis point — or a half-percentage-point — rate increases are likely at the June and July meetings.

Oil rose higher on Friday, supported by expectations that OPEC’s decision to increase production targets by slightly more than planned won’t much affect tight global supply and by rising demand as China eases Covid restrictions.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, on Thursday agreed to boost output by 648,000 barrels per day (bpd) a month in July and August rather than 432,000 bpd as previously agreed.

Brent crude rose $1.80, or 1.5%, to $119.41 a barrel. U.S. West Texas Intermediate (WTI) crude advanced $1.80, or 1.5%, to $118.67.

U.S. crude was heading for a sixth weekly gain on tight U.S. supply, which has prompted talk of fuel export curbs or a windfall tax on oil and gas producers.

Gold prices fell on Friday, pressured by a stronger dollar and as better-than-expected U.S. jobs data raised concerns of aggressive monetary policy tightening.

Spot gold fell 1% to $1,848.67 per ounce by 1759 GMT, after earlier falling to $1,846.4. U.S. gold futures settled down 1.1% at $1,850.2.

European markets closed lower on Friday, with traders digesting fresh economic data from the U.S.