FAST FIVE: Jittery Futures Coiled Tightly Ahead Of Today's Jobs Report Main Event
Jittery Futures Coiled Tightly Ahead Of Today's Jobs Report Main Event S&P futures rebounded from an overnight drop and swung between gains and losses as investors looked forward to the week's main event, the September payrolls report, for clues on what the Fed will do next after a raft of hawkish Fed doused expectations on Thursday for a quick halt to rate hikes.
They have recovered from a 12% intraday drop on Monday, when the stock slumped to a fresh low Shares are 49% down YTD.
While the JOLTS Job Openings and the ISM Manufacturing employment index showed more evidence of a slowing labor market, the stronger than expected ADP/ISM Services once again proved the economy still remains strong and therefore weakens the hope of a near-term pivot from the Fed.
Spot gold is little changed overall having derived some very brief upside from the DXY's move below 112.00; however, the metal remains capped by the 50-DMA.
That range is all within seven days, such is the recent volatility in bond markets.