Futures vs FV: SP +7.06; DJ +82.47 NASDAQ +26.45
The jobs report was good enough with revisions to February and a beat on March. Futures have doubled up from the pre-data reads as stocks are set to continue the rally.
Jobs: 196K vs 175K exp vs 33K prior (FROM 20K)
Participation: 63.0 vs 63.2. not good
Earnings: +0.1% vs 0.2 exp vs 0.4 prior
Workweek: 34.5 vs 34.4 prior. Good to see.
Trade: A 'new consensus' has been reached between the US and China according to the Administration and even the Chinese VP. We will see.
Bonds: 2.517% 10 year. Yields are up but not as high as early morning.
Stocks are set to continue those gains with gold up $2, oil +0.31. A pause is going to yield more upside early on, but not sure this will hold to the end of the session.
Jon Johnson, Chief Market Strategist
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