Weakness in risk assets today due to continued strength in the labor market. Jobless claims come in under expectations and the yield curve continues to steepen.
***TRANSCRIPT*** Good afternoon. Traders skirts Chavez with blue line futures and it’s your daily midday market minute. Stocks risk assets are in negative territory here today off of a steepening yield curve. But before we get to it, if you’re watching this video like it, subscribe if you’re on our website, there’s also a link to direct you to YouTube and you can subscribe that way. We’d love for you to follow us. We’d love for you to help us build our following. So we didn’t have a lot of economic data this morning, jobless claims. And we’re continuing to see resilience in the labor market. Expectations were 210,000. We got a print of 207,000. So came in under expectations. Still seeing strength, still seeing resilience. Now the yield curve today is steepening a bit. You’re seeing the shorter end of the curve actually in negative territory. You’re seeing some relief in yields. The longer end of the curve is either just about unchanged or positive by a basis point or two, depending on what duration you’re looking at, what maturity you’re looking at. So you’re seeing this yield curve start to steepen, which is really just confirming the strength that you’re seeing in the U.S. economy, strength in the labor market. We have a lot of economic data tomorrow to look forward to nonfarm payrolls, unemployment rate. We also have average hourly earnings. So this is going to be a headwind. Again, yields are going to remain a headwind here for risk assets. Keep in mind, the data is going to be really important moving forward. And the yield curve, too, is we’re starting to see this steepening trade play out. Now, looking at the Nasdaq, the S&P crude oil, silver, major support levels for all of these. Nasdaq major three star support is going to be 14, 734 to 14, 760. S&P three star support’s going to be 40 to 51 and a quarter to 4255 in three quarters. Crude oil, three star support, 80 to 96 to 80 to 98. Again, that $83 or so level, that’s pretty pretty key, pretty psychological level there. If we break in close below, they’re probably going to see a little bit more selling pressure and silver major four star support 2050. Now if you have any questions, be sure to reach out to our trade desk. We’re here for you. Remember, futures trading involves substantial risk of loss and is not suitable for all investors. ***END TRANSCRIPT***