At-a-Glance
Today’s Top Highlights
Today was the most anticipated trading day of the week with the key economic data being released, and the Nasdaq was able to lead the charge higher for the equities to wrap up the week. Looking at the data, the Nonfarm Payroll number came in at -23k jobs while the estimate was at 85k jobs, which is a significant miss from expectations, and there were strong revisions from the previous report which came down. Along with that, the Unemployment Rate came in slightly better than expected at 4.1%. Although the Nonfarm number may seem negative, the equities saw a rally throughout the day and finished higher while finishing significantly off of the high prices of the day.
Both Gold and Silver also had a positive reaction to the data as Silver traded up over 3% while Gold saw gains near 2.3%. Both of these markets have struggled to see momentum above their 50-day exponential moving averages, but now these markets have seen some conviction out above these levels. Heading into next week, traders will be watching the recent record highs for the equity markets and will be watching to see if the precious metals can maintain this positive momentum higher.
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