Jobs Day
What’s in Today’s Report:
- Why Did Stocks Drop Yesterday?
- How the VIX and Stocks Rose Together in August
Futures are seeing a marginal oversold bounce after Thursday’s big sell off, as newswires were quiet overnight.
Economic data again disappointed, as German Manufacturers’ Orders rose 2.8% vs. (E) 6.2%, while the UK Construction PMI fell to 54.6 vs. (E) 58.5.
Both reports, combined with other lack luster data this week, are limiting the size of the bounce this morning.
Today the focus will be on the Employment Situation Report and the expectations are as follows: Jobs Adds: 1.413M, UE Rate: 9.9%. As mentioned, the “best” outcome for this report is a strong number towards 2 MM job adds, but not so strong that it relieves pressure on Congress to pass a stimulus bill. A very soft number (less than 1MM job adds) likely adds to yesterday’s downside.
