Index futures, the overnight tape, and the calendar that matters today.
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This is the CAMS Morning Market Brief for Friday, August seventh.
Index futures are pointing modestly higher into the open. S&P futures are up about a quarter of a percent, Nasdaq futures are leading at roughly half a percent, Russell futures are up four tenths, and Dow futures lag at just over one tenth. A firmer tone, but a cautious one, because the whole morning sits in the shadow of the eight thirty jobs report.
Yesterday was a slow bleed rather than a break. The S&P 500 eased about two tenths of a percent, the Nasdaq 100 gave back a third, the Russell 2000 lost half, and the Dow was the soft spot, down nearly nine tenths. Breadth matched that tone, with eight of the eleven sectors finishing lower. Energy was the clear standout, up close to one and a half percent, with communications and health care the only other groups in the green. Materials, real estate and industrials sat at the bottom, each off a little more than eight tenths.
Volatility stayed quiet through it. The VIX sits near fifteen and barely moved, which suggests the options market is not braced for fireworks.
The calendar is the whole story. Non-farm payrolls, the unemployment rate and average hourly earnings all land at eight thirty Eastern, and Canada releases its own jobs numbers in the same minute. Beyond that, consumer price inflation lands Wednesday, producer prices Thursday.
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