Breakfast Bites - Weaker Jobs Report expected

Rise and shine everyone!

It’s Jobs Friday in the US. This is the last unemployment print ahead of the June FOMC, so everyone’s watching this closely, particularly after the weaker data we’ve seen this week. The markets have been chopping higher, looking for direction ahead of the data.

US equity markets closed flat yesterday but, meme stocks continued to rally with GME hitting over $60 after hours. It would seem that “Roaring Kitty” is making a comeback to YouTube and that’s got everyone excited. I don’t know how accurate the positions are but, apparently yesterday’s price action could very well have made him a billionaire (on paper).

The YouTube livestream is supposed to be at 12pm ET. This could make for a very lopsided market today… and it’s Friday and we have jobs data. So be careful out there.

US Equity Futures are flat today as well. Asian markets are mixed with China & Japan lower, India higher, the Kospi is closed. The Reserve Bank of India held rates at 6.5%, as expected. Europe is pulling back after digesting yesterday’s hawkish cut from the ECB.

Commodities don’t look pretty this morning and rates are higher. Not just in the US but across the globe.

US Employment Preview

The market consensus is for the NFP print to come in at 180k, slightly above last month’s 175k. The unemployment rate is expected to remain the same at 3.9%.

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