A little less bumpy
After Wednesday’s wild ride, the equity futures traded with a little less volatility and closed higher on the day. The market moved steadily higher off the open, with small retracements through out the day.
Gone from today’s session were the blurbs and headlines that had Wednesday’s trading flying around. A better than expected ADP Employment report had the market running up, only to be kicked down later by the Fed minutes and tax reform chatter from D.C.
Numbers
Friday will bring the employment situation data. Most forecasters are not looking for the numbers we saw in the January and April reports. Non-farm payroll for those months came in at 235,000 and 238,000. Consensus has Friday’s Non-farm payroll at 175,000, and Unemployment near 4.7%. A 200,000 plus number could send equities surging up on Friday morning. A less than stellar report, isn’t necessarily bearish, but could send the market lower a bit and lead to a sideways trade day.
John Weyer
Director Commercial Hedging
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