Jobs Report Preview
What’s in Today’s Report:
- Jobs Report Preview
- ADP Employment and ISM Services PMI Takeaways
- Oil Update – Prices Resilient Despite Three Bearish Catalysts
Futures are little changed as global traders digest yesterday’s soft U.S. economic data after a mostly quiet night of news.
Economically, China’s Services PMI rose from 50.7 to 51.1, meeting estimates while Eurozone PPI favorably cooled to 0.7% from 1.9%.
Looking into today’s session, there are several economic reports to watch including International Trade in Goods (E: $-118.1B), Jobless Claims (E: 235K), and Productivity & Costs (E: -0.8%, 5.7%). However, with the May Jobs Report looming large tomorrow, it will take a significant surprise in one of these reports to materially move markets.
There are also multiple Fed speakers again today including Kugler (12:00 p.m. ET), Harker (1:30 p.m. ET), and Schmid (1:30 p.m. ET). Any dovish commentary regarding yesterday’s soft economic data is likely to be well received, supporting both stocks and bonds.
Finally, there are a handful of late-season earnings releases this afternoon: AVGO ($1.35), LULU ($2.59), DOCU ($0.25), BF.B ($0.36), and WOOF ($-0.05). AVGO is particularly in focus as an increasingly important semiconductor manufacturer and its quarterly results could move the broader tech space on a material beat/miss.
