dChan
Anonymous ID: 7db096 May 3, 2024, 7:46 a.m. No.20813971   🗄️.is 🔗kun   >>4357 >>4597 >>4599 >>4604

Dow jumps 500 points higher but backs off as weak jobs report raises Fed rate cut hopes

 

(These BLS reports aren’t worth shit-they’ve been week for many years and the revisions they make-all that $ and they just produce a 10y rolling average of what happened in the past and then massage that for political purposes-all metrics changed in Clinton era LARGE and some prior with some tweaks by Shrub and Hussein admin…how about that Yuge Apple buyback of $110b to hide its Revenue drop…as long as the sheep see “happy” numbers and UP they don’t care….great bear trap this week and towards end of April though loaded up the shorts and BURNED ‘em lather, rinse,repeat for that for the hold and hopers but the long bois on Weds in the 0DTE crowd piled it in…congrats to them Energy still soft w/ wholesale Gasoline down over 1% see cap 4 for that sector and honorable mention to Urals Oil-that Hungary processes as it’s down over 5%….in metals land Au down about .62% with Ag gettin dumped about 1.75%)

 

Stocks jumped sharply Friday after a softer-than-expected April jobs report boosted hopes that the Federal Reserve could start cutting interest rates soon.

The Dow Jones Industrial Average gained 516 points, or 1.4%. The S&P 500 surged 1.3%, while the Nasdaq Composite rallied 2%. Friday’s nonfarm payrolls report showed 175,000 jobs gained in April, below the 240,000 jobs expected by economists surveyed by Dow Jones. The unemployment rate edged up to 3.9%, versus 3.8% in the prior month, according to the Bureau of Labor Statistics. Wage figures also came in less than expected — an encouraging sign for inflation.

“It’s soft across the board, which is overall positive for markets,” said Jamie Cox, managing partner at Harris Financial Group. “Wage growth being soft is going to help take the concerns about a massive resurgence of inflation off the table.”

Following April’s weaker-than-expected job growth and moderating wage gains in April, traders are pricing in a second rate cut by the end of the year. The probability rose to about 72% Friday morning after falling to less than 50% the day before, according to the CME Group’s FedWatch tracker of futures market pricing.(See cap 2 for CME Rate movement at July Mtg-that’s wher Mr Bond market is putting the first one atstill think a reverse Operation Twist coming before that or right around

Rates also dropped and Mortgage rates UP @7.22% yesterday) following the weak jobs report with the 10-year yield falling below 4.5%. During Federal Reserve’s meeting on Wednesday, Chair Jerome Powell said the central bank was prepared to act if the unemployment rate ticked higher. “We’re also prepared to respond to an unexpected weakening in the labor market,” Powell said. (This is them admitting that they can’t manipulate the data to show 2% but they might be able to squeeze 3% out of it)

With Friday’s moves all the major averages are headed to finish the week with gains. The Dow and Nasdaq have added about 1.3% each, while the S&P is up 0.6%. Strong quarterly reports from major Dow components contributed to Friday’s rally. Apple advanced 6% after it announced a $110 billion share repurchase and a top -and bottom-line beat.

 

Apple stock pops 6% after results top estimates, company reveals $110 billion buyback

https://finance.yahoo.com/news/apple-stock-pops-6-after-results-top-estimates-company-reveals-110-billion-buyback-135234570.html

 

Biotech Amgen surged 12% after posting better-than-expected earnings and offering a positive update on an experimental obesity drug.

 

Corn futures hit highest level since January

 

Corn futures rose about 1% Friday to trade at a nearly four-month high of 464.75 per bushel. Since the start of the week, corn is up more than 3% and on pace for its second consecutive positive week. Corn rose 3.8% last week and currently sits at its highest level since Jan. 5.

 

https://www.cnbc.com/2024/05/02/stock-market-today-live-updates.html

https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html

https://www.investing.com/indices/major-indices

https://tradingeconomics.com/commodities

Anonymous ID: 7db096 May 3, 2024, 8:52 a.m. No.20814214   🗄️.is 🔗kun

Joe has a “tough” day today-hasn’t even rec’d daily briefing yet

 

12:30 PM The President and The Vice President receive the President’s Daily Brief

4:30 PM The President presents the Presidential Medal of Freedom to individuals who have made exemplary contributions to the country; The Vice President attends by 10:00 am et]

 

Then another Vakay

6:00PM The President departs the White House en route to Wilmington, Delaware

 

https://rollcall.com/factbase/biden/calendar/

Anonymous ID: 7db096 May 3, 2024, 9:25 a.m. No.20814357   🗄️.is 🔗kun   >>4589 >>4597 >>4599 >>4604

>>20813971 mktFag

Historic Yen Short Bet Is Under Pressure From Intervention Talk

 

Traders who’ve amassed the largest bet on record against the yen are at a crossroads: Do they stick with their shorts despite signs that Japan is intervening in foreign-exchange markets to prop up the currency?

 

The weekly release of foreign-exchange positioning data by the Commodity Futures Trading Commission is typically not a cause for major concern — largely because the information comes out at 3:30 p.m. New York time on Fridays, when other markets around the world are settling into their weekends.

But, leveraged funds and asset managers were last seen holding more than 184,000 contracts tied to wagers the yen will fall, the most in CFTC data going back to 2006. The next report will reveal whether those speculative traders held on or were forced to slash their bearish yen bets after Japanese officials likely stepped in to buy the currency on Monday, sending it bouncing off of 34-year lows.(they don’t call it the widowmaker trade for no reason)

 

The reporting cut-off each week for the CFTC’s commitment of traders reports, which detail net positions across physical commodity and financial derivatives alike, is the end of trading Tuesday. That means that any changes to trader sentiment will have been captured right in the middle of Japan’s two suspected interventions this week — first the move on Monday, and then again late in the New York session Wednesday when the Japanese currency abruptly surged nearly 3% in a matter of minutes(totally did it Weds too can see it in chart). During a press conference Friday, Japan’s finance minister declined to confirm if the nation stepped in to support the yen this week. The currency is also the most shorted among major currencies tracked by the CFTC, Bloomberg-compiled data show. On a longer-term basis speculative currency traders have been consistently short the Japanese currency since early 2023. That means that at least some bearish bets could prove to have more staying power than those wagered in recent weeks as the currency’s slide accelerated.

“A lot of those short positions will have been built up some time ago, suggesting that the MOF may have to knock dollar-yen lower to really undermine the resolve of many speculators,” said Jane Foley, head of currency strategy at Rabobank.

https://www.bloomberg.com/news/articles/2024-05-03/historic-yen-short-bet-is-under-pressure-from-intervention-talk

https://tradingeconomics.com/japan/currency

Anonymous ID: 7db096 May 3, 2024, 9:42 a.m. No.20814426   🗄️.is 🔗kun

>>20814244

“Well…ummm…some of this stuff….the language”

This is how (((they))) fool you.

Understand the language and you don’t need to listen to dipshits like this trying to pass it off as this narrative.

He got caught and didn’t know what to say

Classic!

Fuckin’ tool