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BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

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Stocks Welcome Poor Payrolls as Stimulus Here to Stay

EQUITIES
  • Futures initially indicated a lower open on Wall Street Friday, but a disappointing set of payrolls numbers for May reassured markets that Fed stimulus is here to stay, with both headline change in nonfarm payrolls and the participation rate falling below forecast.
  • The e-mini S&P added around 30 points in response, pushing the index closer toward near-term resistance at 4,230 - the week's highs.
  • Tech names led the bounce in the S&P 500, closely followed by communication services and consumer discretionary names. Financials were the laggard, suffering under the weight of a far flatter Treasury curve.
  • European indices also fared well, with Germany's DAX and Italy's FTSE-MIB outperforming.
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