June 25, 2022

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U.S. Stocks May Move Back To The Upside On First Day Of New Quarter

2 min read

After coming under pressure late in the previous session, stocks may move back to the upside in early trading on Friday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 131 points.

Investors may look to start the second quarter out on a positive note following the steep drop seen to close out the first quarter, which marked the first negative quarter for the major averages since the first quarter of 2020.

For the first three months of 2022, the Nasdaq plummeted by 9.1 percent and the S&P 500 and Dow dove by 4.9 percent and 4.6 percent, respectively, although the major averages regained some ground in March.

The futures have not shown much reaction to the Labor Department’s typically closely watched monthly jobs report, which showed U.S. employment increased by less than expected in the month of March.

The report showed non-farm payroll employment jumped by 431,000 jobs in March after surging by an upwardly revised 750,000 jobs in February.

Economists had expected employment to spike by 490,000 jobs compared to the addition of 678,000 jobs originally reported for the previous month.

The strong job growth still contributed to a drop in the unemployment rate, which dipped to 3.6 percent in March from 3.8 percent in February. The unemployment rate was expected to edge down to 3.7 percent.

With the bigger than expected decrease, the unemployment rate fell to its lowest level since hitting 3.5 percent in February of 2020.

Shortly after the start of trading, the Institute for Supply Management is scheduled to release its report on manufacturing activity in the month of March.

The ISM’s manufacturing PMI is expected to inch up to 59.0 in March from 58.6 in February, with a reading above 50 indicating growth.

The Commerce Department is also due to release its report on construction spending in the month of February. Construction spending is expected to increase by 1.0 percent.

Stocks saw moderate weakness for much of the…

2022-04-01 08:50:26

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