Jobs Report Preview (An Important One)
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What’s in Today’s Report:
- Jobs Report Preview (An Important One)
- Is the Short-Vol Trade Starting to Unwind?
- EIA Analysis and Oil Market Update
Futures are modestly higher as economic data and corporate earnings were slightly better than expected.
Economically, Euro Zone and UK Composite PMIs were above 50 and that’s pushing back on EU recession worries.
On earnings, Levi Strauss (LEVI) posted strong results (stock up 9% pre-market) and that’s helping to counter soft retailer earnings from PVH and ULTA.
Markets are still sensitive to hawkish data or commentary that reduces June rate cut chances, so the focus today will be on Jobless Claims (E: 213K) and on several Fed speakers including Barkin (12:15 p.m. ET), Mester (2:00 p.m. ET) and Kugler (7:30 p.m. ET). Tomorrow’s jobs report should keep volatility somewhat subdued, but if there are any hawkish surprises from the data or Fed speak, don’t be surprised if there’s more volatility.
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