Jobs Day
What’s in Today’s Report:
- Abbreviated Jobs Report Preview
Futures are modestly higher ahead of the jobs report and following solid tech earnings overnight.
Semiconductor company Broadcom (AVGO) beat estimates and offered bullish guidance and the stock is up 9% pre-market and that’s helping to lift futures.
Economically, German Manufacturers’ Orders missed estimates, felling –2.9% vs. (E) 0.5%.
Focus today will be on the jobs report and expectations are as follows: E: 77K Job-Adds, 4.3% Unemployment Rate, 3.8% Wage Growth. Any job adds number in the mid to low 100k range would be ideal for stocks as it would keep rate cut expectations high but also signal a stable labor market. Conversely, if job adds drop close to zero (or even go negative even with revisions) it’ll increase concerns the labor market is cooling, boost slowdown fears and likely hit stocks.