RJO FuturesCast

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Equity

Stocks Mixed This Morning

Posted 10/08/2021 9:28AM CTJeff Yasak

U.S. stock futures are mixed this morning as traders took in a key report on the labor market’s recovery. The S&P was down slightly a reversal from a third straight day of gains. The rally was part due to the Senate leaders reaching an agreement on raising the government borrowing limit into December, avoiding a default as early as this month.  They voted to increase by $480 billion and it will head to the House of Representatives today.  With the budget temporarily out of the way the focus was switched to the latest job report which showed another miss on payroll gains following a disappointing August number.  Non-farm payrolls only rose by 194,000, missing the expected 500,000 number.  The unemployment number fell more than expected to 4.8% but it was followed by a poor labor force participation rate of 61.6% versus 61.7% in August. Even with the payroll miss in September the report may still be strong enough to trigger a tapering from the Federal Reserve.  Jerome Powell said it would only take a “reasonably good report” in September to meet the Fed’s threshold.

Support today is 435500 and 432500 with resistance at 442500 and 446000.

E-mini S&P 500 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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