U.S. Stock Futures Are Lower As Wide Market Swings Reflect Monetary Policy Uncertainty
U.S. stock futures are lower: Nonfarm payroll increased 428K versus 380K consensus and unemployment rate remained at 3.6%. Average hourly earnings monthly was 0.3% versus consensus of 0.4% and lower from prior month from 0.5%. This report is in line with Chairman Powell’s announcement that the underlying job growth market is stable and expanding. Futures moved into positive area but drifted into negative territory . The wide swings in the markets are reflecting monetary policy uncertainty and that investors are concerned about a potential hard landing. Treasury rates are edging higher and the curve is steepening as the longer-term yields are trading relatively higher. International markets are lower.