Aug 4, 2022 • 9M

Focus Turns to Employment Data

Initial jobless claims are at 0830, with non-farm payrolls tomorrow. In the meantime there is some (positive) earnings news to distract…

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The daily podcast discusses the major market activity and economic data release schedule for the day ahead, with a contrarian bent. Also includes regular podcast episodes a day (or more) early and without ads or announcements.
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Good morning contrarians! It is Thursday, Aug. 4.

Stocks put in a major rally yesterday. Tech led the way, with the Nasdaq adding 2.5% during the session. The S&P 500 was up 1.5%.

State of Play

As of 0635 today there is not much going on:

  • Stock futures are up a tiny bit, with the Nasdaq pointing to gains of 0.5% at the open and SPY up 0.3%;

  • Commodities are flat, with WTI crude oil up 1% to trade around $92/barrel. Copper is unchanged;

  • Cryptos are dropping a bit, with bitcoin down 2% to trade below $23,000;

  • Bonds are unchanged, with the 2-year yield at 3.1% and the 10-year at 2.73%.

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