U.S. stock futures edge higher ahead of March jobs report; regular trading closed for Good Friday
U.S. stock-index futures edged higher ahead of a potentially blockbuster March jobs report, though cash trading in equities — and most other markets — will remain closed due to the Good Friday holiday.
Futures on the Dow Jones Industrial Average YM00,
Need to Know: Why the jobs report will be important, even if no one is around to trade it
Major stock index benchmarks, meanwhile, wrapped up a holiday-shortened week on Thursday, with the S&P 500 SPX,
U.S. equity futures will close at 9:15 a.m. Eastern, just 45 minutes after the release of the March jobs report from the Labor Department. Economists surveyed by Dow Jones Newswires and The Wall Street Journal, on average, estimated the report will show 675,000 new jobs were created in March, with some economists looking for the figure to top 1 million.
An employment report that tops estimates “could still be seen as ‘good news is bad news,’ i.e. that the speed of recovery may now prompt the Fed to taper QE earlier than they would have previously done,” said technical analyst Ed Matts, founder of Matrixtrade.com, in a note. “This would result in an instant (unsustained) spike in Treasury yields and pullback in stocks.”
U.S. Treasury debt trading will be open for the jobs report, with Sifma advising a noon close for cash trade in bonds. The yield on the 10-year Treasury note TMUBMUSD10Y,
Also see: Easter holiday schedule could leave bond traders vulnerable on a blockbuster jobs day
