Jobs Report Preview (A Significant Change)
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What’s in Today’s Report:
- Jobs Report Preview (A Significant Change)
Futures are little changed following a quiet night of news and ahead of more important economic reports.
On earnings, HPE became the latest tech company to post solid but “not as good as hoped for” earnings (the stock is down 3% pre-market).
Economically, the only notable report beat estimates as German Manufacturers’ Orders rose 2.9% vs. (E) 1.8%.
Today focus will remain on economic data and the key reports are (in order of importance): ADP Employment Report (E: 140K), Jobless Claims (E: 230K), ISM Services PMI (E: 51.1) and Unit Labor Costs (E: 0.8%). From a market reaction standpoint, bad data is now bad for the markets (given growth concerns), so the stronger these numbers, the better for stocks.
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