U.S. Stock Futures Are Lower While Russia's Invasion of Ukraine Continues to Disrupt Energy Markets
U.S. stock futures are lower: 390k positions were added in May compared to 325k consensus and the unemployment rate is unchanged at 3.6%. The average hourly earnings rose year over year by 5.2% relative to 5.3% estimate and the average hourly earnings increased 0.3% from April, slightly lower than the 0.4% estimate. Post report the futures are still lower and treasury yields have increased across the curve after the stronger than expected employment data. Additionally, yesterday, Fed Vice Chairwomen Lael Brainard stated that she supports plans to hike rates by half percentage points in June and July- her statement is essentially aligned to general market consensus. OPEC+ will raise output by 648,000 barrels per day in both July and August, as Russia’s invasion of Ukraine continues to disrupt the world’s energy markets. European markets are trading mainly higher and Asian markets closed mixed.