Nonfarm payrolls soared by 353,000, more than twice the 175,000 expected. Average hourly wages also beat at +0.6% (+4.5% YoY) versus +0.3% expected. Unemployment remained at 3.7%. Forget about a March rate cut. Bulls will be lucky to get one in May.
The overnight ramp job has completely disappeared, with futures struggling to remain positive. AAPL‘s meltdown hasn’t helped.
Factory orders and Michigan consumer sentiment are due out at 10ET.
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