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Dow Futures Higher Into November Jobs Report; Dollar Steady

The Friday Market Minute

  • Global stocks near record highs as risk appetite improves amid stimulus talk progress in Washington and expected central bank support.
  • Lawmakers inch closer to a bi-partisan deal that could inject nearly $1 trillion into the U.S. economy, which is now as vulnerable as ever to the deadly resurgence of coronavirus infections.
  • November jobs report could be key in influencing a final decision from Congress, especially if holiday-hiring disappoints amid the COVID resurgence.
  • Oil prices rise as OPEC leaders agree a compromise 500,000 barrel per day tapering of their 7.7 million production cuts following a week of meetings in Vienna.
  • Wall Street futures point to a firmer open ahead of the November jobs report at 8:30 am Eastern time.

U.S. equity futures bumped higher Friday ahead of a key reading of the U.S. labor market later this morning that could influence both stimulus talks in Washington and the Federal Reserve’s rate-setting meeting later this month.

The Labor Department’s November non-farm payroll report is expected to tally the creation of around 470,000 new jobs last month , boosted in part by service-sector hiring in the run-up to Christmas. However mixed data earlier this week — in the form of a weaker-than-expected reading of private sector job growth from ADP and the first decline in three for weekly jobless claims — means a more than usual degree of uncertainty surrounds the 8:30 am release.

However, with COVID infection rising at more than 200,000 per day, California readying stay-at-home orders for the nation’s biggest state and deaths and hospitalizations surging to pandemic era peaks, December hiring, as well as in the early months of next year, is becoming increasingly clouded.

The data will be sharply eyed in both Washington and on Wall Street, as well, as lawmakers look to inch closer to a bi-partisan compromise on stimulus that could see nearly $1 trillion injected into the U.S. economy before the end of the year.

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