Outlook 06/07: U.S. stock futures slide after better-than-expected jobs report. Nonfarm payrolls increased by 272,000 in May, above the 190,000 estimated and April’s 175,000. The unemployment rate increased to 4%. Investors hoped for signs of a weakening labor market, as evidence of a slowing economy may support interest rate cuts from the Federal Reserve. A slew of economic data earlier this weak pointed toward the economic weakness, but Friday’s job report signaled a still robust labor market could enforce a cautious road ahead for the central bank. The Fed will give its decision on rates next week after its June 11-12 policy meeting. Fed funds futures trading data suggests the central bank will most likely hold rates steady this time, but they imply a 55% chance that policymakers will ease in September.
/ESM24 (JUN 2024): YVAH 5369 YPOC 5363 YVAL 5359 GAP 5362.50
/ES Plan: Yesterday market closed bullish, but overnight, after jobs report, looks bearish, moving below previous value/range, so these're the opening and initial balance options for today:
