Digestion of Fed Speak Still Lingering | 12/02/2022

Posted: Dec. 2, 2022, 8:58 a.m.

  • The November Nonfarm Payrolls Report is due at 7:30 am CT. Expectations are for 200k jobs created, down from 261k in October.
  • Wage Growth will be front and center, m/m is expected at +0.3%, down from +0.4% in October, and y/y at +4.6%, down from +4.7%.
  • The Unemployment Rate is expected to remain steady at 3.7%.
  • On Wednesday, Fed Chair Powell signaled a slower pace of hikes is likely to begin in December.
  • The CME FedWatch Tool is showing odds of 50bps hike in December at 79.4%, with odds of 75bps through the February meeting at 54.2%.
  • The terminal rate is now hugging 4.75-5.00%.
  • Chicago Fed President Evans, a 2023 voter, is due to speak at 9:15 am CT. Keep an eye out for additional Fed speak.ES 12-2-22

E-mini S&P (December) / NQ (December)

S&P, yesterday’s close: Settled at 4081.75, up 0.50

NQ, yesterday’s close: Settled at 12,062.75, up 20.50

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NQ (December)

 

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Crude Oil (January)

Yesterday’s close: Settled at 81.22, up 0.67

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Gold (February) / Silver (March)

Gold, yesterday’s close:  Settled at 1815.2, up 55.3

Silver, yesterday’s closeSettled at 22.841, up 1.06

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Silver (March)

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