Jobs Day

What’s in Today’s Report:

• Jobs Day

Futures are moderately lower on more warnings about potentially extended disruption in Gulf oil production.

Qatar’s energy minister warned that Gulf states could be forced to fully halt oil production within weeks, a move that could send oil to $150/bbl.

Economically, the only notable report was Euro Zone GDP which sightly underwhelmed (0.2% vs. (E) 0.3%).

Today focus will stay on geopolitics but there’s also an important economic report via the February jobs report. Expectations are as follows:  60K Job-Adds, 4.4% UE Rate, 3.7% Wage Growth.  A “Goldilocks” jobs report will help support markets despite negative geopolitical headlines while a “Too Hot” or “Too Cold” report will add to downward pressure.

Away from the jobs report, we also get Retail Sales (E: -0.4%) and one Fed speaker, Hammack (1:30 p.m. ET), but they shouldn’t move markets.