Good morning – its Friday March 4th and the 63rd day of 2005.
Stock index futures are trading in positive territory before regular market hours, gaining ground following a positive employment report for January, with payrolls rising 262,000, the largest increase since October last year.
“The way the numbers are falling is consistent with economic growth slightly above trend,’’ said Ken Mayland, president of Pepper Pike, Ohio-based ClearView Economics LLC and the best overall forecaster in Bloomberg News surveys for the year ended in June. “There’s no glaring argument for the Fed to accelerate’’ its pace of interest-rate increases. Mayland predicted a gain of 225,000 jobs.
The US Dollar had been trading somewhat stronger in advance of the report; following the report and initial trading volatility, forex markets have generally sold off the dollar, apparently agreeing with Mr. Mayland.
Over these past few sessions stock markets have become reacquainted with volatility – its been quite a roller coaster ride. Lost in all the noise is the fact that – so far – key support levels have been holding since the start of the month. Experience tells us that the range is likely to be broken soon.
US Market Calendar
- 8:30 am: Employment Report – Feb.
- 9:45 am: University of Michigan Consumer Sentiment Index – Feb.
- 10:00 am: Factory Orders – Jan.
Canadian Market Calendar
- 10:00 am: Ivey Purchasing Managers’ Index – Feb.
Earnings and the Federal Reserve
For earnings highlights, please see today's WSJ Earnings Calendar.
For a list of upcoming speeches, congressional testimony, Federal Open Market Committee material, and statistical releases, please visit the What's Next page of The Federal Reserve Board website. Recently released Federal Reserve Board material, including market moving FOMC decisions and speeches by members, will be found on their What's New page.
05.03.04 08:49 #