The NFP is coming - 4 Things to know for today
- by Roger Gain
NFP jobs reports is coming. Expect big movements in the markets.
Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. U.S. NFP jobs report is ahead
The U.S. Labor Department will release its October nonfarm payrolls report at 12:30GMT on Friday.
The consensus forecast is that the data will show jobs growth of 175,000, following an increase of 156,000 in September, the unemployment rate is forecast to dip to 4.9% from 5.0%, while average hourly earnings are expected to rise 0.3% after gaining 0.2% a month earlier.
A strong report can push the USD higher against other major currencies and hurt the Gold prices.
Moreover, an upbeat employment report will point to an improving economy and support the case for higher interest rates in the coming months, while a weak report would add to uncertainty over the economic outlook and push prospects of tighter monetary policy further off the table.
Markets are currently betting on a rate hike in December with odds of 71.5%.
2. Global stock market overview
U.S. stock futures are looking a bit soft ahead of the jobs report and virtually all international markets are declining. This follows a string of negative trading sessions in the U.S.
The S&P 500 has now declined for eight straight days, making this the longest losing streak since October 2008.
3. GoPro stock takes a dive
GoPro (GPRO, Tech30) stock just jumped off a cliff, dropping by about 20% in extended trading.
The action camera maker reported sales of $240.6 million for the third quarter, down nearly 40% from the same period a year earlier and well below Wall Street's estimates.