U.S. futures move lower after hot jobs report — TradingView News
Key points:
May nonfarm payrolls 272k vs 185k estU.S. equity index futures lower: S&P 500 off ~0.5%Euro STOXX 600 index off ~0.6%Dollar, bitcoin up; gold down; crude up ~0.4%U.S. 10-Year Treasury yield jumps to ~4.42%
U.S. FUTURES MOVE LOWER AFTER HOT JOBS REPORT
U.S. equity futures were pointing to a lower open on Friday after a much stronger-than-expected jobs report doused growing expectations for a September rate cut from the Federal Reserve.
Nonfarm payrolls increased by 272,000 jobs last month, the Labor Department’s Bureau of Labor Statistics said. Revisions showed 15,000 fewer jobs created in March and April combined than previously reported. Economists polled by Reuters had forecast payrolls advancing by 185,000. Estimates ranged from 120,000 to 258,000.
The unemployment rate ticked up to 4.0% from 3.9% in April, a threshold the jobless rate had previously held below for 27 straight months.
“So much for slowing. The headline payrolls number is eye popping. The details? A little less so,” said Brian Jacobsen, chief economist at Annex Wealth Management in Menomonee Falls, Wisconsin.
“The Fed will take this to mean that they can still focus squarely on inflation without worry much about growth.”
After expectations for a September cut had been slowly growing in recent days, they dropped sharply after the data, with markets now pricing in slightly more than a 50% chance for a cut.
Below is your premarket snapshot:
Thomson ReutersPremarket levels June 7
(Chuck Mikolajczak)
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FOR FRIDAY’S OTHER LIVE MARKETS POSTS:
MAJOR BROKERAGES STILL EXPECT 2 MORE ECB RATE CUTS IN 2024; RULE OUT JULY – CLICK HERE
MARKET MOOD SWAYED BY EVERY DATA PRINT CLICK HERE
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GLOBAL RISK RALLY HINGES ON PAYROLLS CLICK HERE
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