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Wall Street Mixed as NFP Indicates Tight Labor Market

EQUITIES
  • Equity markets trade mixed through the London close, with the recent theme of value over growth/tech extending through the Friday session. As a result, the Dow Jones trades with modest gains of 0.2% or so, while the tech-led NASDAQ sits in negative territory.
  • The catalyst for the move originally sat with the Wednesday Fed minutes release, which indicating an FOMC ready to accelerate the pace of an unwind of stimulus - a theme underlined by today's NFP release, which suggested a further tightening in the labor market.
  • The energy and financials sectors lead gains in the US, helped higher by fresh multi-month highs for oil as well as a re-steepening of the US yield curve post-jobs report. Banks take more focus going forward, with Wells Fargo, Citigroup, JPMorgan and BlackRock all due to release earnings in the coming week, with Friday 14th marking the unofficial beginning of Q1 earning season.
  • S&P E-minis remain vulnerable near-term following a reversal lower this week from levels just above 4800.00. Price has traded below the 20-day EMA and attention is on the 50-day EMA that intersects at 4647.00 today. This average is regarded as a key pivot chart point and a clear break of it would signal scope for a deeper pullback.
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