[Chart courtesy of MarketWatch.com] Moving the markets Friday’s March payroll report was largely in line with expectations, as 236k new jobs were created, which was slightly above the 230k anticipated, while the unemployment rate dipped from 3.6% to 3.5%. That number might compel the Fed to remain hawkish for longer with the May Rate-Hike odds now having climbed from 50% …
Battling Back
[Chart courtesy of MarketWatch.com] Moving the markets After a red opening, the major indexes spent the remainder of the session battling back and managed a green close, despite much anxiety ahead of tomorrow’s release of the March jobs report. Since the exchanges are closed on Friday, there will be no market reaction until Monday. Whenever the Bureau of Labor Statistics …
Rangebound
[Chart courtesy of MarketWatch.com] Moving the markets Continued weak economic data points soured traders’ motivation to drive the indexes higher. As a result, the Nasdaq recorded its 3rd straight loss, while only the Dow was able to eke out a green close. The latest ADP private payroll report was another disappointment, after yesterday’s dreadful data, because it showed slowing job …
When Bad News Is Bad News
[Chart courtesy of MarketWatch.com] Moving the markets The markets pulled back right after the opening, in part due to uncertainty about yesterday’s spike in oil prices and how it might affect the global economic environment. Not helping matters were a host of econ data showing that a slowdown had indeed arrived, as the Labor market appears to have fractured with …
Oil Spike Summons Stagflation
[Chart courtesy of MarketWatch.com] Moving the markets The unexpected overnight surprise came from OPEC+, which announced that they were slashing their oil output by 1.16 million barrels per day. The reaction was swift, with oil prices jumping over 6% and holding that level throughout the session. The major indexes reacted mixed, with the Dow rallying, the Nasdaq sinking and the …
Maintaining Altitude
[Chart courtesy of MarketWatch.com] Moving the markets Again, the belief prevailed on Wall Street that the worst of the regional banking crisis is now in the rearview mirror, which caused traders and algos to push the major indexes higher for the second day in a row. Jobless claims dropped moderately but have not gone anywhere in four months, thereby supporting …