Market Alert - Pre-Market

Futures vs FV: SP 6.65; DJ 52.96; NASDAQ 19.45

Futures were up modestly ahead of the jobs report, now logging solid gains post-report. They have peaked out on the initial run about a half hour ahead of the open, sliding laterally for the past half hour.

Non-Farm: 222K vs 173K exp vs 152K (138K prior); April: 207K vs 174K

3 month: 194K; 6 month: 180K

Unemployment: 4.4% vs 4.3% exp vs 4.3% prior

Hourly wages: 0.153% vs 0.3% vs 0.1% prior
Year/year: 2.5%

Participation: 62.8% vs 62.7%

Healthcare: 37K
Professional/Business: 45K
Food/Restaurants: 25K
Construction: 16K
Government: 35K

Points:

Wages are not rising along with jobs. Still.

U6 rose, meaning those who want full-time but cannot find it are rising.

We have to get further into the numbers, but while the headlines are not bad, the same issues face job seekers: lack of full-time jobs, lack of well-paying jobs.


AAPL: Sued by QCOM

TSLA: California registrations, its largest market, fall 24%


OTHER MARKETS
Bonds: 2.383% vs 2.368%

EUR/USD: 1.1407 vs 1.14220

USD/JPY: 113.89 vs 113.19

Oil: 44.62, -0.90

Gold: 1223.40, +0.10


The jobs report is easily good enough to keep the Fed on its current rate hiking, balance sheet reducing track. The report also bolsters the stock market: if the Fed is going to hike, at least there is a decent economic data point in contrast to a lot of the recent economic results.

After a Wednesday bounce was met with a sharp Thursday drop in small and midcaps and some large cap indices, we will see if the Friday session can bounce them.


Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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