Equity

Stronger Than Expected Jobs Report

Posted 08/07/2020 8:54AM CTJeff Yasak

U.S. stock futures rallied off their lows Friday morning after the release of a stronger than expecting job report. The U.S. added 1.763 million jobs in July while economists were predicting a number in the 1.4 million area.  The unemployment rate was also better than expected coming in at 10.2%.  Revisions for the months of May and June were also higher on todays release. This positive news came when investors were eagerly waiting for lawmakers to come to an agreement on a new U.S. relief package. The negotiations were near a collapse Thursday as White House officials and Democratic leaders were no where close to making a deal and these positive numbers could ease pressures of a quick deal. “If this had been a bad number, it would have forced the negotiators to get a deal done.” Said Matt Maley, chief market strategist at Miller Tabak & Co. “So in a perverse way, the better-than-expected data raises the odds that nothing will get done soon on the fiscal front.”

Support today is checking in at 332000 and 330000 while support is showing 336600 and 337500.

E-mini S&P 500 Sep ’20 Daily Chart
888-861-1656312-373-4966Series 3 Licensed

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.
Read More