Equity

Stock Futures Hit New High on Jobs Report

Posted 07/02/2021 9:14AM CTJeff Yasak

Stocks rallied on the open this morning after the June job data showed an accelerating recovery for the U.S. labor market.  According to the Bureau of Labor Statistics, the economy added 850,000 jobs last month. Economist estimated and addition of 706,000.  This topped the 559,000 that were created in May.  However, the unemployment number came in a little higher than expected at 5.9%.  According to James McCann, an economist ant Aberdeen Standard Investments.  “This is a strong report and should be taken as a sign of things to come for an accelerating labor market. Today’s data won’t change the Fed’s view. An acceleration in the labor market like the one signaled in this report is exactly what they were anticipating,” McCann added. “The pick-up in hiring should tell the central bank that firms are having more success finding workers, which will ease concerns about a more protracted period of increasing wages. What will happen now is that investors will really focus in on when the Fed is likely to announce a tapering of its asset purchases.”

Support today is showing 429000 and 427800 with resistance being 432100 and 433000.

E-mini S&P 500 Sep ’21 Daily Chart
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Jeff Yasak

Senior Market Strategist
Since leaving the corporate world in 1995, Jeff has established a name for himself as a trusted financial advisor and trading advocate—leveraging his studies in finance from the University of Wisconsin-Madison and Loyola University, 25+ years of experience, and a passion for the industry to guide both novice and experienced traders in pursuit of achieving their own financial reward. Jeff began his career as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange—fostering a deep interest in the options market that eventually drove him into the retail futures sector where he spent several years as a broker’s assistant before taking on clients of his own. Operating at the intersection of strategy and success, Jeff seeks to establish meaningful relationships with clients—synthesizing financial data and offering timely insight that informs critical decision-making surrounding money management and trading activities. Well-versed in the futures, securities, equities, and indices markets, Jeff is uniquely positioned to direct his clients to success. With a carefully cultivated combination of experience and expertise, he is able to connect with clients to better understand their goals and offer sound financial guidance that delivers notable bottom-line results.
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