Stimulus Update and Jobs Report Preview
What’s in Today’s Report:
- Stimulus Update (A Deal by Next Friday?)
- Jobs Report Preview: What Markets Need a “Just Right” Number
- OPEC+ Update and Oil Outlook
Futures are marginally higher ahead of the jobs report on more positive stimulus commentary overnight.
More Dems and Republicans voiced support for the $900-billion-ish stimulus bill overnight, and some, or all, of the bill could be passed by next Friday (the budget deadline).
Economic data was again solid overnight as German Manufacturers’ Orders beat estimates (2.9% vs. (E) 1.5%).
Today focus will be on any more stimulus headlines and the Employment Situation report.
Expectations for the jobs report are: Job Adds: 500K and U.E. Rate: 6.8%. Anything above 250kish jobs adds should be “fine” for the market, especially given the stimulus momentum and it’d likely take a negative number to hit stocks.
Finally, there are several Fed speakers today including: Williams (8:05 a.m. ET), Evans (9:00 a.m. ET) and Bowman (10:00 a.m. ET), but none of them should materially move markets.