7/5/2021 2:26:07 AM GMT | By Anil Panchal
S&P 500 Futures snap seven-day uptrend with mild intraday losses.
Market sentiment benefited from US data on Friday.
Covid woes, downbeat China data probe bulls as US cheers extended weekend.
S&P 500 Futures consolidate the recent gains around 4,335, down 0.15% intraday, during early Monday. In doing so, the risk barometer registers losses for the first time in eight days amid a subdued market and an off in the US.
The reason could be traced from the coronavirus (COVID-19) woes in Asia-Pacific as well as doubts over the Fed’s next moves. Also contributing to the dull mood is Chia’s Caixin Services PMI that dropped to the lowest in 14 months during June.
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Some more details from Newsquawk
ADP PAYROLLS: Ahead of Friday’s jobs report, the ADP’s gauge of payrolls showed 692k jobs being added to the US economy in June, above the forecasted 600k, but below May’s figure which was revised lower to 886k from 978k. Pantheon Macroeconomics hoped for a greater increase, based on the Homebase employment data, suggesting the signal for Friday’s NFP release is unclear. Pantheon highlights the ADP’s measure was short of the official payroll data for most of the pandemic, but it suddenly overshot in April and May, adding that the change was likely due to ADP’s model overstating the strength of macroeconomic variables (retail sales and jobless claims) while ignoring the labor supply shortfall. As such, payrolls growth has not kept pace with demand due to the participation rate remaining lower. Looking ahead, PM writes, “if the new pattern continues for June, Friday’s print will only be about 200K, but that would be wildly at odds with
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