Dow prepares to climb more than 200 points on the first day of trading in the stock market after the Good Friday jobs report

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Stock benchmark futures rose Monday morning, suggesting a solid open for stocks in the first full week of April as US investors have their first opportunity to provide their most comprehensive reaction to a report. on Good Friday which showed 916,000 jobs were added in March. , easily beating average Wall Street consensus estimates. Spot stock trading – and most other markets – was closed in observance of the Good Friday holiday, and stock futures trading closed at 9:15 am ET that day, about 45 minutes after publication of the labor market report. Most markets are closed in Europe in observance of Easter Monday.

How are equity benchmarks performing? Dow Jones Industrial Average YM00 futures, + 0.71% YMM21, + 0.71% were up 232 points, or 0.7%, to hit 33,269, pushing the top-of-the-line benchmark into S&P record territory. 500 Index Futures ES00, + 0.57% ESM21, + 0.57% traded 22.85 points higher at 4,032.75, set for a 0.6% advance, extending a record rally for the index. Nasdaq-100 NQ00 futures, + 0.43% NQM21, + 0.43% were up 0.4% to hit 13,372.75, a gain of 56.75 points. On Thursday, the Dow DJIA, + 0.52%, rose 171.66 points, or 0.5%, to 33.153.21, the S&P 500 SPX, + 1.18% gained 46.98 points, or 1.2%, to 4,019.87, while the Nasdaq Composite Index COMP , added + 1.76%. 233.23 points, or 1.8%, at 13,480.11. What drives the market? Job growth accelerated in March thanks to earnings at restaurants and other businesses, marking the best Labor Department report in seven months as the US added 916,000 new jobs and the unemployment rate fell to 6% from 6.2%. Investors could refer to service sector data on Monday for more evidence of improving conditions in the US economy as it recovers from COVID. A report closely followed by the Supply Management Institute on the March service sector is due at 10 a.m. M., and private data firm IHS Markit will also release at 9:45 a.m. M., Data on services, which have been under the most severe pressure. during pandemic lockdowns and social distancing protocols aimed at limiting the spread of the deadly disease. However, the prospect of a strong economic rebound, fueled by a $ 1.9 trillion COVID aid package, with President Joe Biden also backing a $ 2.3 trillion infrastructure program, and the launch of vaccines has stoked Concerns that the economy is overheating, forcing the Federal Reserve to raise interest rates earlier than initial projections for 2023 or 2024. “Growth prospects, inflation risk, and the pace of vaccines remain drivers dominators driving financial markets, “wrote Hussein Sayed, FXTM’s chief market strategist, in a daily note. “Investors seem to be leading the Federal Reserve in anticipating a rate hike of at least 25 basis points by the end of next year … If parts of Biden’s infrastructure proposal materialize in the next few months, it is likely that let’s see more manufacturer policies joining the hawks, ”Sayed wrote. Benchmark 10-year Treasury bond TMUBMUSD10Y, 1.727% has been relatively quiet despite strong employment figures, yielding around 1.73%, but rates are expected to rise as rates decline. prices and the appetite for public debt. Looking ahead, market participants will gain some insights from the central bank when the minutes of their March 16-17 policy meeting are released on Wednesday. In public health news, the United States is unlikely to face a “true” fourth wave of COVID-19 outbreaks, but the country should wait a few more weeks before easing mitigation efforts, the former Administration commissioner said Sunday. Food and Drug Administration, Dr. Scott Gottlieb. His comments come as the global count of coronavirus-borne diseases rose above 131.3 million on Monday, according to data aggregated by Johns Hopkins University, while the death toll surpassed 2.85 million. The United States continues to lead the world for cases, with 30.7 million, or about a quarter of the global count, and deaths, with 555,001. The country has averaged 64,019 cases per day over the past week, 18% more than the average two weeks ago, as cases continue to rise despite the vaccination program, a trend that experts say is due to states reopen and remove movement restrictions and the pandemic in general. fatigue. Take a look: A bitcoin revolution is happening and MarketWatch is gathering a cast of crypto experts to explain what it all means. Sign up! What actions are in focus? GameStop Corp. shares GME, + 0.86% plunged Monday before trading after the video game and consumer electronics retailer filed a request to sell up to 3.5 million shares of its common stock “on the market.” That represents about 5.0% of the 69.9 million shares outstanding as of March 17. Wedbush Securities has improved its outlook for Tesla Inc. TSLA, -0.93%, after stronger-than-expected quarterly deliveries. Emergent BioSolutions Inc. EBS, -13.40% said Monday that it is on track with all commitments for COVID-19 vaccines and reaffirmed its financial guidance, after a production problem at its Baltimore plant ruined last week. a batch of the vaccine developed by Johnson & Johnson. JNJ, -0.92%.