Markets today: Stock futures bounce after slide as jobs in focus
BNN Bloomberg
US equity futures ticked higher, pointing to a slight rebound on Wall Street from a plunge fueled by surging oil prices and expectations of a strong labor market reading on Friday.
S&P 500 contracts rebounded, though the U.S. benchmark was still poised for a decline this week amid speculation the Fed would delay the start of rate cuts after solid economic data. A flare-up in geopolitical tensions also caused heightened volatility, with Brent oil trading above $90 a barrel. Treasury 10-year yields rose two basis points to 4.33 per cent. In the options market, traders were targeting a move to almost 4.5 per cent by the end of this week.
The government’s monthly employment report is expected to show about a 215,000 gain in nonfarm payrolls, which include private- and public-sector jobs. That pace, the median estimate in a Bloomberg survey, would be the slowest since November, following three solid months averaging 265,000.
Today the focus will be on the jobs report. The risk for this market remains for a ‘too hot’ report that shows strong job adds, low unemployment and hot wages. A number modestly below expectations would be welcomed as ‘Goldilocks’ and likely spur a rebound in stocks and bonds.
