Equity Index Futures tumbled during the overnight session as the potential for a trade war reemerge. Following China’s tit-for-tat retaliation to Washington’s initial threat of $50 billion in tariffs, President Donald Trump doubled down with a move to consider $100 billion in additional tariffs.
With futures already under pressure, the Department of Labor monthly jobs report data was released Friday morning showing hiring stalled during March. The U.S. economy only added 103K jobs last month falling short of economist’s projections of 193K.
The DOL monthly jobs report offers key information for the Fed’s to gauge the state of the economy. A miss in job growth expectations is sure to weigh on the Feds decision to continue to introduce rate hikes in the coming months. With the fear of inflation still fresh in the mind, a less than stellar jobs report could bode well for the markets.
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