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Stock futures edge higher as markets digest June jobs report

In this article:
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Yahoo Finance's Jared Blikre breaks down how markets and commodities are reacting premarket to the June jobs report.

Video Transcript

JARED BLIKRE: Yeah, and I'm looking at the futures, stock futures specifically on the YFi Interactive ticking down here. And let's pull up an intraday chart. You can see there is a nasty little bar there. However, in the context, we were just saying the markets really hadn't been moving that much. Looks like a big deal, really not that much given the current context of the market.

So let me just widen this out to a two-month view so we can see what's happening there. It's still just a blip on your screen. A lot of times there's a fake out move. There's a move to the downside. You get a little zig, a zag, and then things really don't get going until about 10:00 AM. So we'll have to see what comes of this.

Let me check some of the other markets here. Copper futures, those have been under pressure. It looks like copper is down about 1.9% today. This is a two-month chart, so you can see that, still in a very firm downtrend. Gold futures not doing a whole lot, but it looks like they're testing multi-month, maybe multi-year lows here. Let's take a look, yes, to the downside, a little bit of action there.

And WTI doesn't always move that much on these reports, and it looks like it's not moving that much as well. Also got to check out the 10-year T note futures, and these move inversely to yields. So it looks like yields are picking up here.

And then just a quick comment on the revisions bump. The prior month of April was revised up in terms of hourly wage growth to 0.4%. That, along with the headline, Pete, could be weighing on markets right here, but still got to keep some context. This is a relatively small move, given the size and volatility of the moves we've seen recently.