U.S. Stock Futures Are Higher As Global Energy Prices Are Lower After Announcement to Release Strategic Reserves

United Asset Strategies |

U.S. stock futures are higher:  431k jobs were created in February versus 490k consensus and the unemployment rate was 3.6% compared to 3.8% estimate.   Average hourly earnings  increased 0.4% on the month, in line with expectation & annually pay increased nearly 5.6%, just above the estimate.   Equity futures remain in positive territory after the release.  For 1Q’22., the Dow and S&P 500 closed down 4.57% and 4.95%, respectively. The Nasdaq lost 9.1%.  Treasury yields  closed the quarter higher across the curve.   Post report, the 2Y yield is slightly higher versus the 10y & the 2y is sensitive to Fed hiking and policy changes.    The curve remains inverted in morning trading.  Global energy prices are lower after the President’s announcement to release strategic reserves. International markets are trading higher.  Credit spreads on both the investment grade and high yield have tightened up over the last week and the corporate bond new issue market has been active.