Futures Are Lower But Have Rebounded From Earlier Session Lows Following December Employment Report

U.S. stock futures are lower. Futures are lower but have rebounded from earlier session lows following the release of the December Employment Report, which broadly exceeded expectations. The report indicated that the U.S. economy added 216k jobs in December, easily surpassing the consensus estimate of 164k jobs. The unemployment rate remained unchanged at 3.7% against expectations for a rise to 3.8%. Average hourly earnings also outperformed estimates by increasing 0.4% month-over-month. Bond yields are rising as the market anticipates that the robust jobs data will delay potential Fed rate cuts later in the year. The report continues a recent trend of downward revisions, indicating a subtraction of 71k jobs from the previous month's reports. Overall, U.S. stocks are set to finish the week lower, breaking a strong streak of weekly wins that have persisted since the end of 2023. Asian markets concluded the overnight session with mixed results, while European markets are broadly lower. Crude oil prices are rising, and gold prices remain steady. Concurrently, the U.S. Dollar is strengthening.

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