Morning Update: Weak jobs report sends futures higher

First Look

U.S. stocks are lower Friday morning. A monthly jobs report that came in softer than expected has futures off their lows, likely on expectations that the Federal Reserve will slow the pace of interest-rate increases. The number of non-farm jobs added last month was 155,000, short of expectations for 189,000. Prior months were also revised lower. Wages continue to rise, even as the hourly workweek slipped a bit. Thursday’s session saw a big intra-day reversal, with major indices ending with a modest loss that felt more like a win after having been in the red by more than 3% earlier in the day. The Dow Jones is down -0.29%, the S&P is down -0.3%, the Nasdaq is down -0.32%.

Today's market outlook is Neutral

A friend is someone who gives you total freedom to be yourself.
Jim Morrison

Stocks on the Move

Royal Caribbean Cruises Ltd (RCL), Broadcom Inc (AVGO) and TechnipFMC PLC (FTI) are moving higher this morning, while Ulta Beauty Inc (ULTA), Prologis Inc (PLD) and Expeditors International of Washington (EXPD) are headed lower. Broadcom Inc (AVGO), Tesla Inc (TSLA) and National Beverage Corp. (FIZZ) were upgraded by analysts this morning, while Momo Inc (MOMO), Chesapeake Energy Corporation (CHK) and Expeditors International of Washington (EXPD) were downgraded.

International Markets

Stocks in Asia are mixed. The Mumbai Sensex is up 1.02%, the Nikkei 225 is up 0.82%, the Australia ASX All Ordinaries is up 0.37% the Shanghai SE Composite Index is up 0.03% and the Hang Seng is down -0.35%. In Europe stocks are up. The CAC 40 is up 1.43%, the FTSE 100 is up 1.39%, the Euro Stoxx 50 is up 1.1% and the DAX is up 0.58%.

Futures and Currencies

Energy futures are up today. The price for West Texas Intermediate crude oil is up 0.97 at 52.46 per barrel. Brent crude is up 1.43 at 61.49 per barrel. Natural Gas is up 0.05 at 4.4. Precious metals are mixed this morning. Gold is up 6.01 at 1243.79 per ounce. Platinum is down -1.05 at 789.2 while silver is up 0.05 at 14.56. The dollar is mixed compared to the major currencies today. The greenback is down against the euro, up against the Yen and up against the Pound.

Put/Call Ratio

Yesterday, 926,238 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 787,251 put contracts. The single-session put/call was 0.85 while the 20-day moving average is now at 0.7.

Earnings Expected Today

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Today's Economic Calendar

What's Happening Period Release Time
Nonfarm Payrolls Nov 08:30
Avg. Hourly Earnings Nov 08:30
Avg. Workweek Nov 08:30
Unemployment Rate Nov 08:30
Univ. of Mich. Consumer Sentiment - Prelim Dec 10:00
Wholesale Inventories Oct 10:00
Natural Gas Inventories 12/01 10:30
Consumer Credit Oct 15:00

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