Jobs Report Spurs Stock Index Buying Frenzy
Stock index futures surged on news of a better-than-expected jobs report. Unemployment held steady at 4.1% but wage growth slowed unexpectedly and Wall Street and Wacker Drive (where stock indexes futures are traded in Chicago) are interpreting the Labor Department’s report as a signal to buy.
From the Momentum-5 List, Nasdaq 100 futures are following up on Thursday’s nearly-100-point rally with another huge move and the contact has catapulted as many as 105 points higher this morning, to a new record high. The S&Ps are also trading at a record and Dow futures are up triple-digits.
T-bonds are also in rally mode and have leapt from recent 20-day lows (and Thursday’s inside day) by more than one point.
Coffee, a volatile contract that is also on the Momentum-5 List, continues to rally on reports of extensive drought-induced crop damage in Brazil. In the meats, pork bellies (from the Pullback Off Highs List)
are again running higher, following a four-day pullback from contract highs.
Here are the highlights around noon Eastern time:
Stock Index and Bond Futures•March T-bonds [USH0>USH0]: +27/32 to 93 12/32
•December S&Ps [SPZ9>SPZ9]: +32.30 to 1444.50
•December Dow futures [DJZ9>DJZ9]: +245 to 11310
•December NASDAQ 100 futures [NDZ9>NDZ9]: +78.50 to 3191.00
Currencies
•December dollar index futures [DXZ9>DXZ9]: +.03 to 102.55
•December Japanese yen futures [JYZ9>JYZ9]: +.0011 to .9767
Energies•January crude [CLF0>CLF0]: -.09 to 25.723
•January natural gas [NGF0>NGF0]: -.116 to 2.345
Metals•February gold [GCG0>GCG0]: -2.8 to 284.3
Grains•March wheat [WH0>WH0]: -2 1/2 to 244 3/4
Meats•February pork bellies [PBG0>PBG0]: +1.950 to 75.850
Softs and Fibers•March coffee [KCH0>KCH0]: +4.55 to 140.50
•January orange juice [OJXF0>OJF0]: +1.0 to 98.80