The US stock markets will reopen Monday after enjoying a three-day weekend. However, US futures suggest it could be a rough trading session.
Currently, Dow futures are down by around 135 points or 0.7%
On Friday after a disappointing US jobs report, futures tanked with Dow, S&P and Nasdaq futures all falling by more than 0.9%. That day, bonds surged with the 10-year US Treasury yield falling from 1.91% to 1.80%.
US companies added only 126,000 new jobs in March, missing economists’ expectation for 245,000 new jobs. The prior to months’ worth of job gains were revised down by 69,000.
So, is the US economy toast? Oppenheimer’s John Stoltzfus doesn’t think so.
“A disappointing jobs number in December of 2013 that had many projecting negatively about future growth was eventually followed (starting in March 2014) by 12 straight months of jobs created at the above 200,000 per month level,” he said. “Though weather in the first quarter was particularly poor and very cold in much of the country negatively affecting economic activity, it is likely to improve with the change of seasons currently under way.”
European markets were closed Monday in observance of the Easter holiday.