Jobs Day (Abbreviated Jobs Report Preview)
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What’s in Today’s Report:
- Jobs Day (Abbreviated Jobs Report Preview)
- Are the Global Bond Markets Punishing the UK?
Futures are little changed as none of the economic data or central bank speak of the past 48 hours was impactful, so investors are focused on today’s jobs report it’s potential to move markets, especially if it’s “Too Hot.”
Economically, Euro Zone retail sales missed expectations, adding another lack luster data point to the growing list.
Today the major event is the jobs report and stakes for stocks are clear: If this report is “Too Hot” and boosts fears the Fed has paused rate cuts, it’ll cause yields to rise and hit stocks, potentially hard.
Expectations for the report are as follows: 164K Job-Adds, 4.2% Unemployment Rate, 4.0% y/y Wage Growth. An in-line to slightly weak number vs. expectations is the best-case scenario for markets this morning:
In addition to the jobs report we also get Consumer Sentiment (E: 74.5) and some notable earnings from DAL ($1.76), WBA ($0.37) and STZ ($3.34), but today is really all about the jobs report.
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