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Nonfarm Payrolls Mean Nothing Anymore

ByNicholas Santiago
Published 05/06/2012, 02:39 AM
Updated 07/09/2023, 06:31 AM

Nearly every investor and trader in the world was eagerly waiting for the April nonfarm payroll report by the U.S. Labor Department. Well, the number was released and it was a major miss. Analysts and economists had expected 165,000 jobs created for April, unfortunately they were wrong again as the April nonfarm payroll report was just 115,000 jobs. As I always say, who cares about the report when we should only care about how the stock market reacts.

Believe it or not, the stock market is basically flat after the job report. The S&P 500 Index e-mini futures (ES-M2) are trading lower by 1.00 point to 1385.00 per contract. Traders should expect the futures to be volatile before the opening bell. Earlier, the European markets released some weak economic data that was not a surprise to traders and investors.

Asian markets were mixed on Friday. The one Asian market that sold off sharply was the Sensex Index (India) finishing lower by 1.87 percent. This tells us that the leading Indian ADR's could be under selling pressure if the U.S. markets are weak. Some Indian ADR's that could be volatile today include Tata Motors Limited (ADR) (NYSE:TTM), Infosys Ltd (ADR) (NASDAQ:INFY), Wipro Limited (ADR) (NYSE:WIT), and The India Fund, Inc (NYSE:IFN).

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