Yahoo Finance’s Jared Blikre breaks down how stock futures are moving following February jobs report data.
INES FERRÉ: Let's go over now to Jared Blikre at the YFi Interactive with a look at how the futures are reacting to this jobs report, Jared.
JARED BLIKRE: That's right, it looks like bad news is good news. Lots of things to get into in this report. But you can see that the net reaction is up in stock futures right now, though it's fairly muted.
Let me just go to the NASDAQ here. That's up the most, about 65 basis points. And you can really see this spike up when we had that announcement at 8:30 AM. So there was movement in both directions.
There's something for the bulls and the bears in this report. We're seeing muted numbers on the wage inflation side. We're seeing muted numbers on the unemployment side, that is numbers that you would expect show weakness in the US economy. But the headline numbers is greater than expected so that could be accounting for some of the movement we're seeing in here today.
Now, let me show you what's happening in the VIX right now. We had a pretty big melt up yesterday. And let me just show you this on candlesticks. Pretty big day up there, the biggest day in months. So we could have more volatility seeping into the market.
And I'm also gonna take a look at the US dollar index. Not seeing a whole lot of movement there just yet. I'll check out the euro, as well. If we check out an intraday basis, we can see a little bit of a spike up. So a weakening, a slight weakening of the dollar there.
But really seeing a lot of movement in the bond market. And here's the 10-year T-note yield. This is down-- well, this looks like it's break-even right now. Let me go to the Treasury futures so we can get another idea. Here's the 10-year Treasury note futures. We can see those spiking up a bit. That means yields are coming down.
I was just looking at the entire yield curve, not shown here. But we're seeing the two-year, the five-year, that's where the losses in yields are concentrated right now. They're down about 10 basis points. So that's really coming off some elevated numbers that we've seen recently.
Is this pricing in a Fed pivot? I think it's too early to say. A lot of times there are fake-out moves with these reports. And I just want to show you what the S&P 500 has been doing recently. This is a three-month chart.
So we sliced through the 200-day moving average. That was about there yesterday. And it looks like we are potentially heading back down. This is not the movement we wanted to see to maintain this uptrend that we've been seeing here.
So just from a technical analysis point of view, we've sliced through the 200-day. We have now sliced through this trend line here. And anything can happen at a close. This could be a false break to the downside.
But I will close with what's happening here in Bitcoin because Bitcoin has been highly levered to the US financial system. It's been moving off these reports and has oftentimes been a leading indicator. Lots going else-- going on with Bitcoin here, but we can see there is a brief drop and now we're seeing a rise in Bitcoin. So some mixed signals.
It looks like-- let me just take a quick look of what stock futures are doing one more time. We could see everything up. It looks like NASDAQ-- the NASDAQ futures have managed to gain since I've been talking here.