Outlook 11/01: Stock futures rise on Friday morning as investors digested weaker-than-expected NFP report. Job creation in October slowed to its weakest pace since late 2020 as the impacts of storms in the Southeast and a significant labor impasse dented the employment picture. Nonfarm payrolls increased by 12,000 for the month, down sharply from September and below estimate for 100,000. It was the smallest gain since December 2020. The unemployment rate, however, held at 4.1%, in line with expectations. A broader measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons also was unchanged at 7.7%. Average hourly earnings increased 0.4% for the month, slightly higher than the estimate, though the 4% 12-month gain was in line. The average work week held steady at 34.3 hours. The weak October report also included substantial downward revisions from previous months. August was cut to just a gain of 78,000 while September’s initial estimate came down to 223,000. Together, the net revisions lowered previously reported job creation totals by 112,000.
ESZ24 (DEC2024): YVAH 5775 YPOC 5756 YVAL 5733 GAP 5743.50
/ES Plan: Yesterday market closed bearish (PBT 5654), but overnight looks more bullish (PBT 5788), moving within previous value, so these're the opening and initial balance options for today:
