This morning, the S&P 500 Index e-mini futures (ES-M3) are trading higher by 12.00 points to $1604.25 per contract. It seems that the non-farm payroll report that was released by the U.S. government is the catalyst for the rally in the stocks. Economists had expected just 140,000 new jobs in the month of April, however, the U.S. Labor Department reported 165,000 new jobs which was better than expected. The whisper number by economists was much lower around 110,000 new jobs so you can see why the stocks futures are soaring before the opening bell.
The U.S. Dollar Index futures (DX-M3) are also rallying sharply higher on the back of this job news. A stronger dollar has certainly affected many of the leading commodities. Today, equities such as the SPDR Gold Trust (GLD), and the iShares Silver Trust (SLV) are trading lower ahead of the opening bell. Usually, many of the leading industrial metal stocks will decline when the U.S. Dollar Index is stronger, but that may not happen today since the Chinese market was strong last night. Leading stocks such as Freeport-McMoRan Copper & Gold Inc (FCX), and Southern Copper Corp (SCCO) will often follow the Chinese stock market (Shanghai Index) very closely.
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Markets Jump After The Jobs Report
Published 05/03/2013, 04:13 AM
Updated 07/09/2023, 06:31 AM
Markets Jump After The Jobs Report
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