Outlook 12/06: Stock futures gain after better-than-expected jobs report. The November labor report, released on Friday morning, revealed that nonfarm payrolls increased by 227,000 in November, above estimate of 214,000 and marking a huge hike from October’s gain of just 12,000. The unemployment rate nudged up to 4.2%, as expected. Following the not-too-hot, not-too-cold unemployment data, traders increased their bets on another rate cut in two weeks to 88%. Data this morning with payrolls spot on, revisions positive, but unemployment ticking higher despite the participation rate falling. This print doesn’t kill the holiday spirit and the Fed remains on track to deliver a cut in December. Given the continued strength of the U.S. economy, Fed Chair Jerome Powell has previously said that policymakers don’t need to be “in a hurry to lower rates”.
ESZ24 (DEC2024): YVAH 6100 YPOC 6096 YVAL 6092 GAP 6084
/ES Plan: Yesterday market closed bearish, but overnight, after NFP, looks bullish, still moving within previous value, so these're the opening and initial balance options for current session:
