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On Friday, a mixed trading was observed in the stock index futures as market players awaited the release of the non-farm payroll data due later in the day.
The S&P 500 futures (SPX) remained steady, while Nasdaq 100 futures (US100:IND) increased by 0.1%, and Dow futures (INDU) declined by 0.1%.
There was a 1 basis point increase in the 10-year Treasury yield (US10Y), reaching 4.30%. The 2-year yield (US2Y) remained steady at 4.75%. Check out how other yields trade across the entire yield curve here.
Mixed results were seen at the end of Thursday’s fairly uneventful trading session. The European Central Bank also announced a 25 basis point cut in its policy rates, the first in nearly five years, in response to weakening price pressures.
“This action has solidified the notion that global monetary policy is shifting towards a more relaxed stance, with impending further cuts anticipated,” commented Henry Allen of Deutsche Bank.
All eyes are now on the May non-farm payrolls report, expected to be released today before the opening bell, with a projected increase to 182K.
“It’s U.S. employment report Friday. There are considerable concerns regarding the reliability of this data – low survey responses, erroneous assumptions about business creation, and a noticeable discrepancy between the establishment and household surveys. However, markets will respond as is customary,” said Paul Donovan of UBS.
Donovan added that a mundane report is expected, with the main figures likely to remain similar to those of the previous month.
The April consumer credit data is also scheduled for release today at 3 pm ET, with a predicted increase by $9.30B.
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