Trumps Agenda Pumps Up The Jobs

Index Futures Net Changes and Settlements:

Contract Settlement Net Change +/-%
S&P 500 (ESH18:CME) 2484.00 +44.75 +1.80%
Dow Jones (YMH18:CBT) 25,335 +443 +1.74%
Nasdaq 100 (NQH18:CME) 7098.25 +124.00 +1.74%
Russell 2000 (RTYH:CME) 1597.30 +23.60 +1.47%

Foreign Markets, Fair Value and Volume:

  • In Asia 11 out of 11 markets closed higher: Shanghai Comp +0.58%, Hang Seng +1.93%, Nikkei +1.65%
  • In Europe 12 out of 12 markets are trading higher: CAC +0.32%, DAX +0.71%, FTSE +0.15%
  • Fair Value: S&P +5.05, NASDAQ +28.31, Dow +33.41
  • Total Volume: 1.5mil ESH, 1.4mil ESM; & 7.9k SPH, and 7.2k SPM traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes the Treasury Budget at 2:00 PM ET.

S&P 500 Futures: Jobs Day Rip, #ES Up 94.5 Handles in 4 Out Of Five Sessions

 

DAY DATE NET CHANGE +/-
Monday 03-05-2018 +28.25
Tuesday 03-06-2018 +5.50
Wednesday 03-07-2018 -0.75
Thursday 03-08-2018 +16.00
Friday 03-09-2018 +44.75

After a 12 handle rally on Thursday’s regular session close, the S&P 500 futures dropped down to 2735.00 on Globex, and then ratcheted up to 2764.50 after the February jobs number showed 313,000 jobs created, the highest number since 2016. 223,000 ESM and 295,000 ESH traded in the overnight session. You can say what you like about President Trump, but his initiatives are creating new job opportunities for the United States.

On the 8:30 CT open, the ES traded 2758.25, rallied up to 2768.25, pulled back a little, then traded all the way up to 2774.50. After a drop down to 2769.50, the futures traded up to a new high at 2775.00. It was one new high after another. After a series of small dips, the ES rallied all the way up to 2783.25 going into 12:30 CT, and then up to 2786.00 at 1:20. At 2:00 the ES traded up to another new high at 2788.75 as the MiM went from $207 million to buy up to $335 million to buy, but started to pull back as the MiM ‘flipped’ $223 million to sell. After the small pullback, the ES traded up to a new high at 2792.00, traded 2788.75 on the 3:00 cash close, and settled at 2788.00 on the 3:15 futures close, up 44.75 handles, or up + 1.63%, on the day.

In the end, the ES never stopped going up. If there had been another half hour in the day, the ES would have closed above 2800.00. It seems like February’s market anxiety driven by inflation scares (sparked by the 2/2 wage number), signs of slowing growth momentum, and trade anxieties have passed for now.

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