Seven reports - Stock exchange

Jobs Day

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What’s in Today’s Report:

  • Jobs Day
  • Equity Risk Premium Part 2: Index Deep Dive

Futures are slightly higher following a night of generally solid earnings and no geopolitical surprises.

Earnings were good in aggregate overnight (MCHP, TWLO, TEAM all beat) and that’s helping futures to rally slightly.

Geopolitically, markets are still awaiting the details on a Hormuz deal, but fears of escalation remain low.

Today focus will be on the jobs report and estimates are as follows:  88K Job-Adds, 4.2% Unemployment Rate and 3.5% Wage Growth.  An in-line to slightly better than expected report with stable unemployment and wage growth is the best-case scenario for stocks, as it implies strong labor market but no additional inflation risk. If we get that outcome, it should help stocks rally.

The other notable events today are Consumer Credit (E: $10.5B) one Fed speaker, Barkin (10:00 a.m. ET), but he shouldn’t move markets.

 

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