Yesterday, the market closed higher across the board, the only day so far this week the market was not choppy, as it continued to digest strong earnings while awaiting the July jobs report Friday morning from the U.S. Labor Department.
In the education space, employment rose by 221,000 in local government education and 40,000 in private education. Usually, we’d see a sizable drop in the education component but this time it may be different because of the seasonal adjustment we see at the end of the school year. Keep in mind, schools are gearing up for the new school year so this could only last a month or so.
Equity futures picked up a bit after the release, but didn’t react too much. However, the 10-year Treasury yield did jump up to the 1.28 level.The theme on Thursday was risk on trades—investors are willing to accept risk and be long stocks, and not stay with the safety of Treasuries. The expected earnings growth rate for S&P 500 companies is tracking toward 85.1%, which would be the biggest jump since the fourth quarter of 2009, according to FactSet.
Treasury yield bounced off its 50% Fibonacci retracement level yesterday. But this morning, after the jobs report, TNX moved up to the 1.28 level, the 38.2% Fibonacci retracement level. Data source: Cboe Global Markets. Chart source: The thinkorswim® platform. For illustrative purposes only. Past performance does not guarantee future results.Is Tech About to Bookend the Pandemic Boom?
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