February 5, 2021

Markets Shake Off Disappointing Jobs Number

Markets Shake Off Disappointing Jobs Number
Markets Shake Off Disappointing Jobs Number

The Labor Department said the U.S. added 49,000 jobs in January, slightly below the 50,000 payrolls expected by economists. The unemployment rate fell to 6.3%, better than projections of 6.7%. December’s numbers were revised much lower, with the month posting a loss of 227,000 from the initial reading of 140,000 jobs lost.

After suffering their worst week in months, the major indexes will wrap up the week with five straight days of gains ending with their best week since November. The S&P 500 will post a weekly gain of +4.7%, the DOW +3.9%, and the NASDAQ will outperform with a significant gain of +6%.

The U.S. dollar continues to push higher with a weekly gain of +1% and trading back above $91 for the first time since November. This week’s gain will mark back-to-back weekly gains for the dollar.

However, Gold has been put through the wringer this week, losing -2% and trading as low as 1,792.20 before bouncing back from that level on Friday with a daily gain of almost +1%. On the flip side, crude oil continues to push higher, with a weekly gain of +9% heading into the close of the week.

Bitcoin looks to push higher, building off last week’s bullish momentum. It will post a weekly gain somewhere around +11% and is once again trading above the $37,000 level.

Key Levels To Watch Next Week:

Every Success,
Jeremy Lutz
INO.com and MarketClub.com