Jobs Jobs Jobs! | Morning Express 06/03/22

Posted: June 3, 2022, 7:46 a.m.

May Nonfarm Payrolls due at 7:30 am CT.

- Headline job growth is expected at 325,000, after 428,000 jobs were added in April. Keep an eye on revisions after ADP whiffed yesterday and ISM Manufacturing’s Employment component contracted.

- Despite that ISM Manufacturing Employment contraction, 40,000 manufacturing jobs are expected to have been added. Interesting.

- Wage Growth is most critical though; expected to increase by 0.4% MoM and +5.2% YoY. A hot read here would be seen as ushering along a more hawkish path from the Fed.

- We do believe markets are pricing in underwhelming job growth due to ADP and ISM, but an awful read coupled with a sharp beat on Wage Growth could create a quick risk-off scenario.

- The Unemployment Rate is expected to dip to 3.5% from 3.6%

- ISM Non-Manufacturing PMI for May is due at 9:00 am CT, following final May SPGI Services PMI at 8:45 am CT.

- Fed Governor Brainard speaks at 9:30 am CT.

Videos to watch:

Thursday’s Technical Rundown: Tech Stocks Lead Higher Ahead of Jobs

Midday Market Minute from Thursday

Bill Baruch joined TD Ameritrade ahead of Thursday’s closing bell

Bill Baruch joined TD Ameritrade ahead of Wednesday’s opening bell

Oliver Sloup: Grain Markets Amid Export Bans and Geopolitical Tensions

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

S&P, yesterday’s close: Settled at 4175.25, up 76.25

NQ, yesterday’s close: Settled at 12,893.75, up 342.75

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NQ (June)

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Crude Oil (July)

Yesterday’s close: Settled 116.87, up 1.61

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Gold (August) / Silver (July)

Gold, yesterday’s close: Settled at 1871.4, up 22.7

Silver, yesterday’s close: Settled at 22.275, up 0.36

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Silver (July)

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