What’s in Today’s Report:
- What the Disappointing Jobs Report Means for Markets
- Weekly Market Preview: Can the Goldilocks Setup Continue This Week?
- Weekly Economic Cheat Sheet: Key Inflation Data This Week
Futures are flat following a mostly quiet weekend of news as markets digested Friday’s jobs report, which was a disappointment but isn’t changing the broad market outlook (more on that in the Report).
Commodity prices continued to surge over the weekend, and that’s going to continue to increase inflation pressures. Iron Ore prices rose 10% as China tightened supply amidst the global recovery. Meanwhile, wholesale gasoline prices rose 2% following a cyber-attack that closed the Colonial Pipeline, although the outage isn’t expected to be long-lasting.
Today there are no notable economic reports and only one Fed speaker, Evans (8:30 a.m. ET, 2:00 p.m. ET). So, unless we learn the Colonial Pipeline outage will be long-lasting (which would send gasoline prices sharply higher), I’d expect relatively quiet trading today.
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