Equities rose over 1% yesterday on an optimistic outlook on jobs and the emerging markets. Stock futures are indicating a higher open this morning ahead of the monthly nonfarm payrolls report. Analysts are predicting that the economy added 180,000 net nonfarm jobs and 185,000 net private jobs. The unemployment rate is expected to remain unchanged at 6.7%. With the rally in stocks yesterday, the CBOE Volatility Index (VIX) fell 13% as the ‘risk on’ trade was back. We should see volatility fall even further when the market opens if stocks remain in positive territory after the jobs data.
Treasuries are slightly lower, having given up earlier gains. German Bonds (Bunds) rallied after the German top court questioned the legality of the ECB bond buying program and referred to the European Court. European stocks continued to correct higher overnight, paced by Asian equities. German production data disappointed, as did U.K. data. For now though, it's all about the U.S. January employment report which could set the tone for the markets for the rest of the month. December consumer credit is also on the calendar. There will be some talk on the debt limit, which is being reconstituted today after it was decommissioned last October. After the jobs data is digested, attention will turn to next week's supply of Treasuries and the Humphrey Hawkins testimony from Fed Chair Yellen on Tuesday and Thursday.
Stock Stories:
LinkedIn (LNKD) –Guidance is everything – The social-business leader posts better than expected EPS and top-line revenue numbers on its earnings report after the close yesterday. The company guided FY14 slightly lower than analyst estimates. The stock is down 6% ahead of the opening bell and the anticipated market-maker-move closer to 10%.
Major Economic Reports:
7:30 am CT- Jan Jobs Report
2:00 pm CT– Consumer Credit
Notable Earnings:
Before Market: APO, BPL, CBOE, CI, GSM, LH, MCO, MSG, WYN
After Market: None
Monday – 2/10: HAS, L, MAS |
发表于 2014-2-7 09:25
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