Stock futures fell further after the jobs report, while the 10-year U.S. Treasury yield slumped to 2.630% from 2.637% Thursday and gold prices were recently up 0.8%
Investors looking for the next catalyst to lift stocks are hoping they won’t have to look beyond Friday’s jobs report.markets earlier in the year by reinforcing confidence in the U.S. economy after last quarter’s stock rout. At the same time, wage growth hasn’t accelerated to a level that causes jitters about higher inflation leading to higher interest rates.
That delicate combination has been critical to the 2019 stock recovery, helping prompt the Federal Reserve to signal more caution toward tightening monetary policy3.4% on Jan. 7 following the December jobs report and soothing remarks from Fed Chairman Jerome Powell. January’s hiring figures were released Feb. 1 in the middle of a five-session winning streak for the benchmark equity gauge.
Some analysts are skeptical Friday’s report and upcoming figures can provide similar support. After stocks rose in nine of 10 weeks to start the year, some investors are wary that strong economic data will push the Fed to change its stance again and raise interest rates later in the year. Following a deluge of cautious central-bank comments, only about 1.5% of investors expect rates to rise in 2019, CME Group data show, potentially leaving markets vulnerable if those expectations shift rapidly.
“It is too early to count out the Fed for this year,” said Meghan Shue, senior investment strategist at Wilmington Trust. “We think they’re going to have the bandwidth to hike in the second half of this year.”in four consecutive sessions and dropped on seven of the last eight days, increasing scrutiny on upcoming economic data points and earnings reports.
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