U.S. stock index futures rose on Friday, as the private sector added more jobs than analysts had predicted, causing total overall unemployment to fall less than many had expected.
Figures from the Department of Labor showed a 67,000-job increase in private payrolls during the month of August, in addition to a revised July figure of 107,000 added jobs. Analysts had expected a gain of just 40,000 positions in August, so the news was at least slightly comforting.
“The market is interpreting the jobs report as a positive,” Hugh Johnson, the chairman of Albany, New York-based Johnson Illington, told Bloomberg News. “The focus is on private sector jobs, or the change in payrolls excluding the census workers. The private sector payrolls increased a bit better than expected – that’s a positive surprise, for sure.”
It was more than enough to give the bulls the edge at the opening bell, as Dow Jones Industrial Average index futures rose 97 points to 10,406, while S&P 500 futures gained 10.7 points to 1,100.3 at 9:14 a.m. EST.
Nasdaq 100 index futures rose 20.75 points to 1,858.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.