The Market Brief
Hey team, this week is set to end with a bang as the market braces for the highly impactful U.S. Payrolls report. Futures have been trading in a narrow range during the early overnight session.
Let’s re-cap Thursday’s session and see what’s next for the markets!
Impact Snapshot
🟥 Unemployment Rate - 8:30am
🟥 Non-farm Payrolls - 8:30am
🟨 Consumer Sentiment - 10:00am
Macro Viewpoint
Early Friday saw futures for the major indexes trading in tight ranges, as investors awaited the release of the monthly U.S. jobs report, which is expected to provide clarity on the future direction of interest rates.
U.S. stock indices delivered a mixed performance on Thursday. The latest data on weekly jobless claims came in slightly above both market expectations and the previous week's figures. Additionally, continuing claims saw a modest increase.
Attention on Wall Street is now focused on an upcoming revision to job growth figures for the 12-month period ending in March. Economists anticipate that the adjustment will highlight a labor market that is slowly losing momentum.
Furthermore, payroll data from April to December is expected to be revised to account for updated information and seasonal adjustments.
While traders do not anticipate any changes to interest rates at the Federal Reserve's next meeting in March, there is widespread speculation that a rate cut could be on the table by June.
