RJO FuturesCast

Daily Futures Market News, Commentary, & Insight

We were warned, by many top economists, that the February jobs report was going to be irrelevant.  The data was collected before the coronavirus outbreak escalated and became a threat to our financial system.  273,000 jobs were added in February while analysts had expected a gain of about 165,000. The unemployment rate fell from 3.6% to 3.5%, matching a 50-year low. Average hourly earnings rose by 0.3 percent the year-over-year gain is now 3 percent.

Chris Rupkey, head economist for MUFG Union Bank, stated Friday morning. “This could be the last perfect employment report the market gets for some time. Net, net, the employment report was nearly perfect in February before the growing economic storm posed by the spreading coronavirus around the country that threatens many industries where the public gathers from movies, to travel, to the airline industry, even shops and malls.”

E-mini S&P 500 Mar ’20 Daily Chart
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Jeff Yasak

Senior Market Strategist
Jeff studied finance at the University of Wisconsin-Madison and at Loyola University. He left the corporate world in 1995 to pursue his dream of working in the financial markets. Jeff's trading career began as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange. This is where he developed a great interest in the options market that led him to the retail futures business. Jeff spent a few years as a broker's assistant before managing clients of his own.
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