Dow futures bounce higher on May labor data: Ford hits 6-year high

The minute of the Friday market

  • Global stocks are down ahead of today’s May non-farm payroll report as inflation signals pick up speed and pressure on the Fed’s ‘transitory’ narrative continues to mount.
  • American employers likely added 650,000 net new jobs to the economy last month, analysts estimate, with wages rising 0.2% and an overall unemployment rate falling to 5.9%.
  • Yields on benchmark 10-year notes are up 1.63%, while the dollar index gains 0.1% to trade at 90.565 ahead of today’s non-farm payroll data.
  • CDC data shows that 136.6 million Americans have been fully vaccinated against the coronavirus, with about 297.7 million doses administered as of Wednesday.
  • US equity futures suggest a weaker open head from the May Nonfarm Payroll report at 8:30 am ET and a speech on the central bank’s role in green investing from Fed Chairman Jerome Powell. at 7:00 am ET.

Wall Street futures rose on Friday, as the dollar gave way and Treasury bond yields fell lower, following a modestly weaker-than-expected reading of the Labor Department’s May nonfarm payroll report.

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