Jobs Report Preview
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What’s in Today’s Report:
- Jobs Report Preview
- Post Fed Technical Levels Update
Futures are slightly lower ahead of today’s jobs report following another night of underwhelming earnings.
AAPL (down 3% pre-market) earnings underwhelmed and global shipping giant Maersk (down –6% pre-market) warned of a potentially slowing global economy and that’s modestly weighing on sentiment this morning.
EU and UK economic data overnight was sparse and largely in-line and aren’t moving markets.
Today focus will be on economic data. Expectations for the jobs report are as follows: Job Adds 183K, UE Rate: 3.8%, Wages: 0.3% m/m, 4.0% y/y. Numbers at or below those readings will be welcomed as Goldilocks and likely further pressure Treasury yields (and lift stocks).
Additionally, we also get the ISM Services PMI (E: 53.0) and the key here is the number stay comfortably above 50. Finally, there is one Fed speaker: Kashkari at 12:45 p.m. ET, but he shouldn’t move markets.
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