Jobs Report Preview
What’s in Today’s Report:
- Jobs Report Preview
Futures are slightly higher despite underwhelming earnings and mixed economic data overnight.
Salesforce (CRM) guidance was underwhelming and the stock is down –7% pre-market, adding to pressure on tech.
Economically, UK retail sales missed estimates (-0.5% vs. (E) -0.1%) but that’s not moving markets.
Today focus will be on two of the three remaining important events of the week: The ISM Services PMI (E: 50.5) and Broadcom (AVGO) earnings after the close. Ideally, markets will want to see the ISM Services PMI move higher and not drop below 50, while strong AVGO earnings ($1.35) and guidance will help push back on some of the recent tech sector weakness that’s been a headwind for the S&P 500.
Other notable events today include ADP Employment (E: 68K), Jobless Claims (E: 232K) and two Fed speakers: Williams (12:05 p.m. ET) and Goolsbee (7:00 p.m. ET). Broadly speaking, the stronger the two employment reports and the more dovish the Fed speakers, the better for this market.
Finally, other earnings today include LULU ($2.84) and DOCU ($0.23).