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10Y jobs NFP unemployment

Jobs Report Confuses Everyone Except Stocks, Which Are Not Confused

Confusion?

By some accounts, that jobs report should be just what the doctor ordered, although we’ll see how things shake out over the course of the day.

We got a “bigly” beat on the headline print and an underwhelming AHE number which seems to be precisely what stocks needed.

The knee-jerk in futs is of course higher:

Futs

Dow futures:

Dow

Small uptick in yields reflecting the good growth backdrop but also the notion that the AHE miss doesn’t portend an overly aggressive Fed:

10Y

And the dollar and gold are as confused as everyone else apparently is at the seemingly conflicting signals:

DXY

Gold

 

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