U.S. Stock Futures Are Lower While The Labor Report Was Positive Overall

United Asset Strategies |

U.S. stock futures are lower:   Payrolls increased 467,000 in January versus consensus of 150,000 with a 3.9% unemployment rate.  The 10y treasury jumped to 1.89% versus its opening level of 1.83% and equity futures remain in negative territory.  Overall, the labor report was positive despite the omicron surge and may heightened the Fed’s tightening.  Yesterday markets were driven lower dragged down by tech and social media companies.   Global oil prices are higher as inclement weather raced across the Southeast U.S potentially  disrupting oil supplies. The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, agreed earlier this week to stick to moderate rises of 400,000 barrels per day (bpd) in oil output.  Credit spreads are a bit wider on both investment grade and high yield. Global markets are lower.