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Huge Overnight Gains on Trade War Escalation; Jobs Report an Afterthought
Huge Overnight Gains on Trade War Escalation; Jobs Report an Afterthought
Despite today being "jobs report Friday," and despite the jobs report perennially having the power to cause big volatility for financial markets, overnight developments proved to be far more consequential. Specifically, China's announcement of retaliatory tariffs send stocks and bond yields into a swan dive at 6am ET. The stronger jobs report ended up having very little impact by comparison. Even now, trade headlines regarding Trump's call with Vietnam are doing more to move markets than econ data. Bonds are still stronger, but not as strong as they were in the early morning hours.
Big, Early Rally, Then Flat All Day
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Friday, Apr 04 | |||||
| 8:30AM | Mar Participation Rate | Mar | 62.5% | 62.4% | |
| 8:30AM | Mar Average earnings mm (%) | Mar | 0.3% | 0.3% | 0.3% |
| 8:30AM | Mar Non Farm Payrolls (k) | Mar | 228K | 135K | 151K |
| 8:30AM | Mar Unemployment rate mm (%) | Mar | 4.2% | 4.1% | 4.1% |
| 11:25AM | Fed Chair Powell Speech | ||||
| 12:00PM | Fed Barr Speech | ||||
| 12:45PM | Fed Waller Speech | ||||
| Monday, Apr 07 | |||||
| 10:30AM | Fed Kugler Speech | ||||
| 3:00PM | Feb Consumer credit (bl) | Feb | $-0.81B | $15.2B | $18.08B |
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