What’s in Today’s Report:
- Jobs Day
- Why the ADP Report Helped Stocks Rally
Futures are slightly lower following a generally quiet night of news as markets look ahead to today’s jobs report.
Economic data from Europe underwhelmed as Euro Zone Services PMI declined to 56.1 vs. (E) 56.3 while Euro-Zone Retail Sales missed estimates, falling –1.3% vs. (E) 0.4%.
Elon Musk made cautious comments saying he had a “super bad” feeling about the economy in a Reuters interview.
Today’s focus will be on the Jobs Report and expectations are as follows: Job Adds (E: 325k), UE Rate (E: 3.5%), Wages (E: 0.4% m/m & 5.3% y/y). As long as data shows “moderation” in the labor market (so a positive number but in the lower part of the range) then stocks can extend Thursday’s rally. Other data today includes ISM Services PMI: 56.3, and we get one Fed speaker: Brainard (10:30 a.m. ET).