Outlook 12/08: U.S. stock futures fall slightly as investors assess the strong jobs report that left them torn between hopes for a resilient economy and expectations for Federal Reserve rate cuts in the new year. November’s nonfarm payrolls report showed an unexpected drop in the unemployment rate. The jobless rate fell to 3.7% in November from 3.9% the prior month. It was expected to remain the same. The economy added 199,000 jobs, slightly ahead of the 190,000 estimated. The data first raised concerns the economy was running too hot for inflation to cool enough for the Fed to start retreating from its high-rates policy. Some traders expect the Fed to start cutting rates as early as March. But on the other hand, the monthly jobs report could also support the notion that the Fed is guiding the U.S. economy toward a soft landing, a steady economic recovery amid falling inflation.
/ESZ23 (Dec 2023): YVAH 4593 YPOC 4587 YVAL 4575 GAP 4587.25
/ES Plan: Yesterday market closed bullish (PBT 4625), but overnight, after jobs report, looks balanced, moving within previous value, so these're the opening and initial balance options for today:
