📊 US500 gains ahead of US jobs data

Release of the NFP report for June at 1:30 pm BST is a key macro release of the day, and of the week as well! The latest US jobs data release turned out to be a disappointment with print missing market estimates by around 100k jobs. ADP data released this Wednesday hinted at an addition of 692k jobs, more or less in-line with 700k market consensus for NFP release. However, it should be noted that ADP has been a poor predictor of NFP readings in recent months.

US stock market futures trade slightly higher today. An interesting fact to note is that US500 closed daily candlestick higher following each of NFP releases since November 2020! Market was indifferent when it comes to beat or miss in data - traders took bad news as good news and good news as… good news. Will it be the same this time? We shall know at 1:30 pm BST!

US500 finished the day higher after each NFP release since November 2020 (blue arrows mark release days). Source: xStation5