Jobs Report Preview
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What’s in Today’s Report:
- Jobs Report Preview
Futures are modestly higher ahead of the jobs report thanks to good AAPL earnings and solid economic data.
AAPL posted better than expected earnings and boosted its buyback. The stock is rallying 6% pre-open and that’s helping to push futures higher.
Economically, the UK Services PMI was better than expected (55.0 vs. (E) 54.9) implying solid growth.
Today focus will be on the jobs report and expectations are: 243K Job Adds, 3.8% Unemployment Rate and 0.3% m/m and 4.0% y/y Wage Growth. To help extend this late week bounce, markets will need to see the jobs number modestly below expectations (preferably on all three metrics) to imply solid growth but still increase the likelihood of a September rate cut. If the jobs report prints “Too Hot” across all three metrics, don’t be shocked if Thursday’s rally is given back and then some.
Outside of the jobs report, there are two Fed speakers today: Williams & Goolsbee (7:45 a.m. ET). Williams will be the more important of the two as he’s part of Fed leadership and if he brings up rate hikes again, look for an uptick in volatility.
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