CAPMF - March 2024 Jobs Report Preview: 5 Things To Look For
2024-04-01 07:30:00 ET
Summary
- S&P 500 index gained 10% in the first quarter, dispelling uncertainty of interest rate cuts.
- Since the last jobs report, regional banks benefited from Federal Reserve's dovish stance on interest rates.
- Non-farm payroll report will give investors a clue about the timing and extent of rate cuts.
Ahead of February’s non-farm payroll report, investors braced for a potential rise in volatility. Instead, markets dispelled the uncertainty of interest rate cuts by sending the S&P 500 ( SP500 ) higher. The index gained 10% in the first quarter. Since the last NFP report, the U.S. dollar ( UUP ) added over 1% while the 20+ year Treasury Bond ETF ( TLT ) yield gained 1.2%.
Regional banks, the weakest sector most sensitive to interest changes, gained 5.87% as measured by the SPDR S&P 500 Regional Banking ETF ( KRE ). The sector benefited from the Federal Reserve’s plan to slow the shrinking of its $7.5 trillion balance sheet “fairly soon.” The Fed’s dovish stance weakens the importance of the job report set for release on Friday, April 5, 2024....
March 2024 Jobs Report Preview: 5 Things To Look For