S&P 500 broad market index futures rose by
1.4% to 5543 points, marking a new all-time high. The index could perform even
better with the release of Nonfarm Payrolls (NFP) data today.
Wall Street anticipates a slight cooling of
the labor market in June, with Nonfarm Payrolls forecasted at 189,000 versus
272,000 in May. Unemployment is expected to remain at 4.0%, while hourly
earnings are projected to slow to 0.3% MoM from 0.4% MoM. Our statistical
modeling suggests similar numbers, with NFP likely between 189,000 and 201,000.