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Losses Erased After Another Peace Teaser
Losses Erased After Another Peace Teaser
The following newswire hit about an hour before the open: TRUMP: US IN THE MIDDLE OF FINAL NEGOTIATIONS TO END IRAN WAR. Bond yields and oil prices had already fallen modestly up to that point, but more than doubled the overnight rally after that. Yields are thus starting the day roughly 4bps lower, perfectly erasing the entirety of Wednesday's losses. Jobless Claims had no impact at 8:30am ET. An hour earlier, Challenger Layoffs possibly moved the needle microscopically, but it's just as likely that the ongoing drop in oil prices did the trick. There's no other big ticket data for the day, so we're headline watching and waiting for Friday's jobs report.
Minimal Change After Overnight Volatility
| Time | Event | Period | Actual | Forecast | Prior |
|---|---|---|---|---|---|
| Thursday, Jun 04 | |||||
| 5:30AM | May Challenger layoffs (k) | May | 97.006K | 83.387K | |
| 8:30AM | May/30 Jobless Claims (k) | May/30 | 225K | 213K | 215K |
| 8:30AM | May/23 Continued Claims (k) | May/23 | 1777K | 1780K | 1786K |
| 8:30AM | Q1 Unit Labour Costs QoQ Final | Q1 | 1.8% | 2.5% | 4.6% |
| 8:30AM | Fed Barkin Speech | ||||
| 9:20AM | NY Fed Bill Purchases 1 to 4 months (%) | $6.576 billion | |||
| 1:10PM | Fed Daly Speech | ||||
| Friday, Jun 05 | |||||
| 8:30AM | May Participation Rate | May | 61.8% | ||
| 8:30AM | May Unemployment rate mm (%) | May | 4.3% | 4.3% | |
| 8:30AM | May Non Farm Payrolls (k) | May | 85K | 115K | |
| 8:30AM | May Average earnings mm (%) | May | 0.3% | 0.2% | |
| 3:00PM | Apr Consumer credit (bl) | Apr | $18B | $24.86B | |
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