Jobs Day
Jobs Day: Start a free trial of The Sevens Report.
What’s in Today’s Report:
- Jobs Day
- Updated VIX Analysis
Futures are slightly lower following a mostly quiet night of news and ahead of today’s jobs report.
Economically, German Industrial Production missed expectations (-1.0% vs. (E) 1.5%) and became the latest underwhelming EU economic report.
Today focus will be on the jobs report and expectations are as follows: 200K Job-Adds, 4.2% Unemployment Rate, 3.9% y/y Wage Growth. A “Goldilocks” job adds number is something around the 200k expectation or lower, as long as it’s not close to zero. Anything in that range (with mostly in-line unemployment and wages) should “green light” a Fed rate cut in December and help fuel a Santa Rally.
Speaking of the Fed, there are numerous speakers today including Bowman (9:15 a.m. ET), Goolsbee (10:30 a.m. ET), Hammack (12:00 p.m. ET) and Daly (1:00 p.m. ET). However, most of them have spoken recently and their message has been consistent: A December rate cut is possible but not guaranteed and rates will come down over time. As long as that’s the message from them today, they shouldn’t impact markets.
Join thousands of advisors from huge brokerage firms like Morgan Stanley, Merrill Lynch, Wells Fargo Advisors, Raymond James, and more! To start your quarterly subscription and see how The Sevens Report can help you grow your business, click here.
