Market Brief – Friday 4/2/21

While the stock market is closed for Good Friday, the overnight futures market was briefly open this morning as the Nonfarm payroll report was scheduled for release. Stocks were up slightly after the report and Treasury yields rose as experts and analysts have been indicating yields would spike considerably after today’s report in hopes computer algorithms would move the bond market during the thinly trading time bond futures were open this morning.

Nonfarm Payrolls beat expectations in March as +917k jobs were created. Average hourly earnings fell -0.1% and slowed to +4.2% from this time last year. Average weekly hours worked rose to 34.9 hours. The labor force participation rate rose slightly to 61.5% as over eight million Americans are out of work. The unemployment rate fell to 6.0%.

All car sales rose to 3.87 million and all truck sales rose to 13.87 million as stimulus checks appeared to hit dealer lots.