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U.S. equity index futures rise slightly: Nasdaq 100 up
~0.6%
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U.S. Feb non-farm payrolls 311k vs 205k est
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Euro STOXX 600 index down ~1%
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Dollar, bitcoin down; gold up; crude ~flat
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U.S. 10-Year Treasury yield slides to ~3.81%
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U.S. STOCK FUTURES RISE AFTER JOBS DATA, AND AMID BANK
JITTERS (0900 EST/1400 GMT)
U.S. equity index futures are rising slightly in the wake of
the release of the latest data on U.S. employment.
The February non-farm payroll headline jobs number came in
at 311k, which was above the 205k estimate. However, the
unemployment rate was 3.6% vs a 3.4% estimate. Of note, wage
data, on a month-over-month and year-over-year basis, was cooler
than expected:
The data has eased rate-hike fears somewhat. According to the CME's FedWatch Tool , the probability of a 25 basis point rate hike at the March FOMC meeting is now 56% from 41% just before the numbers were released. There is now around a 44% chance of a 50-basis-point hike from around 59% prior to the data coming out. CME e-mini Nasdaq 100 futures are leading U.S. equity index futures higher, gaining around 0.6%. Amid bank jitters, the futures were around flat just before the numbers came out.
A majority of S&P 500 sector SPDR ETFs are higher in premarket trade, though all moves are relatively modest. Tech is showing the biggest gain, up around 0.5%, while financials are posting the biggest loss at 0.6%. Regarding the jobs data, Adam Sarhan, chief executive at 50 Park Investments, said, "The jobs report is confirming what Powell told us earlier in the week... that the Fed has more work to do before we can get inflation under control." Sarhan added "In bear markets, like we are in now, it's sell the rumor and buy the news. So they sold first and are now buying. Also, technically, the S&P 500 is bouncing off of critical support. If the level is defended, that's going to be somewhat bullish here." Here is a premarket snapshot just shortly before 0900 EST:
(Terence Gabriel, Caroline Valetkevitch)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
