Markets were up ahead of the final trading day of the week following the big, late-afternoon sell-off Thursday…
At least until the latest job growth number was released at 8:30 a.m., showing much better job growth than expected.
About 303,000 jobs were created in March versus 200,000 expected, and the unemployment came in at 3.8% versus a consensus estimate of 3.9%.
Futures retreated a bit on this news but then rallied — I’ll take apart the latest jobs report in today’s VIP Trade Room at 11 a.m. ET!
Back to Thursday’s late sell-off… What caused it?
It was likely a combination of things like spiking crude oil prices and news out of the Middle East, and Ukraine potentially joining NATO — this was the biggest catalyst for the sell-off. So it wasn’t interest-rate related.
If you ever really want to know what caused a move like we saw late yesterday, look for the first thing to move ahead of everything else.
The bond market is now back in range after a move higher, and higher bonds mean lower yields.
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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