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U.S. equity index futures decline: Nasdaq 100 off ~2%
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U.S. Jan non-farm payrolls 517k vs 185k estimate
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Euro STOXX 600 index off ~0.4%
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Dollar, crude up; gold, bitcoin decline
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U.S. 10-Year Treasury yield jumps to ~3.49%
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U.S. STOCK FUTURES RED ON HOT JOBS NUMBER, DISAPPOINTING
TECH-TITAN EARNINGS (0900 EST/1400 GMT)
U.S. equity index futures are under pressure in the wake of
the release of the latest data on U.S. employment.
The January non-farm payroll headline jobs number came in at
517k well above the 185k estimate. The unemployment rate was
3.4% vs a 3.6% estimate. Of note, wage data, on a
month-over-month basis was in-line with the Reuters Poll, and
slightly above the estimate on a year-over-year basis:
According to the CME's FedWatch Tool , the
probability of a 25 basis point rate hike at the March FOMC
meeting has now risen to around 95% from 83% just before the
numbers were released. There is now around a 5% chance that the
Fed sits on its hands in March from around 17% just before the
data came out.
CME e-mini Nasdaq 100 futures are leading U.S.
equity index futures lower, sliding around 2%. In the wake of
disappointing tech-titan earnings reports, the futures were down
around 0.8% just before the numbers came out.
Nearly all of the 11 S&P 500 sector SPDR ETFs are quoted
down in premarket trade, with FANG groups such as consumer
discretionary , communication services and tech taking the biggest hits. Energy is rising
slightly, while staples are around flat.
Regarding the jobs data, Quincy Krosby, chief global
strategist, at LPL Financial said, "Certainly it's way above the
consensus estimate. This is not what the market wants to see,
nor is it what the Fed wants to see at this stage."
Krosby added, "This is kind of report that you want to see
when coming out of a recession to signal strength in the
economy, not when the futures market is looking at the Fed
finishing its rate hike cycle."
Here is a premarket snapshot:
(Terence Gabriel, Caroline Valetkevitch)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
