NASDAQ Futures Hit Record Highs
STOCK INDEX FUTURES
NASDAQ futures advanced to a new record high.
June nonfarm payrolls increased 4,800,00 when a gain of 3,000,000 was expected.
The unemployment rate was 11.1%, which compares to the anticipated 12.4%.
Jobless claims in the week ended June 27 were 1,427,000 when 1,400,000 were predicted.
The 9:00 central time May factory orders report is estimated to show an 8.7% increase.
Stock index futures continue to exhibit upside momentum.
The U.S. dollar was lower in the overnight trade, but there was a partial recovery when the stronger than expected U.S. nonfarm payrolls report was released.
A further recovery in the greenback is likely from the morning lower prices.
The euro currency is higher despite news that the unemployment rate in the euro zone came in at 7.4% in May, which is the worst reading since November of last year.
Higher crude oil prices supported the “commodity currencies,” the Canadian dollar and the Australian dollar.
INTEREST RATE MARKET FUTURES
Futures came under selling pressure when the stronger than expected U.S. nonfarm payrolls report was released.
There are no major Federal Reserve speakers scheduled for today.
According to financial futures markets there is a 96.7% probability that the Federal Open Market Committee will leave its fed funds rate unchanged at zero to 25 basis points at its July 29 policy meeting.
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