US futures lacking both volume and conviction this morning ahead of the jobs report at 8:30AM EST. Economists forecast the US added 248K jobs in March vs. February’s 295K jobs gain. The unemployment rate is expected to remain at 5.5%. Hourly earnings are expected to stick to recent trends, gaining 0.2%
All major US stock exchanges are closed today, but stock index futures trading will be open until 9:15 ET, and interest rate futures until 11:15. The bond market is open until noon.
Watch for the jobs number to give a direction to the futures and set up the market for Monday’s trading. Also, watch how the mix of payroll jobs changed in March. One soft spot could be energy, where the plunge in crude oil prices since mid-2014 has squeezed domestic drillers and the various industries that support them.
8:30AM: Fed’s Kocherlakota speaks
12:30PM: Fed’s Bullard speaks