Jobs Report Preview (Does the Growth Scare Get Worse?)
What’s in Today’s Report:
- Jobs Report Preview (Does the Growth Scare Get Worse?)
Futures are sharply lower on a combination of ongoing trade anxiety and disappointing earnings.
On tariffs, there was no news overnight but despite the one-month exemption of autos, trade uncertainty and volatility remains a major headwind on stocks.
On earnings, MRVL results underwhelmed and tech is getting hit as a result (MRVL is down –15% pre-market).
Focus today will, of course, stay on tariffs and trade and there are some reports suggesting agricultural products could also be exempted from tariffs (if so, that’d be another incremental positive but it won’t cure the policy/trade chaos currently impacting markets).
Economically, there are two notable reports today: Jobless Claims (E: 244K) and Unit Labor Costs (E: 3.0%) and better than expected numbers in both will help to support stocks. Finally, there are several Fed speakers today but with so much policy volatility, Fed speak has been rendered relatively unimportant for the time being (the Fed can’t do anything about tariffs). Speakers today include: Harker (8:45 a.m. ET), Waller (3:30 p.m. ET) and Bostic (7:00 p.m. ET).
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