It seems that investors are just marking time this morning. We saw marginal reaction to what can only be described as a mixed job report.
It seems that investors are just marking time this morning. We saw marginal reaction to what can only be described as a mixed job report. US job growth missed, down 23K vs. expectations of a rise of 79K. The unemployment rate ticked down to 4.1%. Combined payroll revisions to May and June reduced those job counts by 103K. Nevertheless, futures glide modestly higher in the premarket session.
That Iran deal, teased earlier in the week by Bessent, has not materialized on his suggested timing. There are various reports characterizing the draft deal in various improbable ways (no US/Israeli shipping through the Strait). It seems no one has good visibility on where the deal stands. What is clear, however, is that it’s not all going according to plan. Experienced investors will likely keep their eyes on crude prices. The next opportunity may lie in integrated oil.
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