Outlook 06/05: U.S. stock futures gained as Nvidia rose to a new record and weak private labor market data gave investors hope the Federal Reserve might move to lower interest rates later this year. Private payroll data from ADP showed hiring slowed to 152,000 last month, while economists forecast private employers added 175,000. The data is the latest sign of weakness in the labor market that investors hope will give the Federal Reserve enough evidence to cut benchmark interest rates. The latest labor market data sent the benchmark 10-year yield sliding further, adding to weakness seen so far in June. Traders will also monitor data on services and nonmanufacturing purchasing due Wednesday. After that, attention will turn to weekly jobless claims numbers on Thursday and Friday’s all-important May jobs report.
/ESM24 (JUN 2024): YVAH 5300 YPOC 5287 YVAL 5276 GAP 5304.50
/ES Plan: Yesterday market closed bullish, and overnight continues on that way, moving above previous value/range, so these're the opening and initial balance options for today:
