(As of 7:15am, PST)
As we close out this first week of May, it’s looking
like the “Sell in May and go away” trend is continuing to play out. After what looked
like a mild recovery yesterday that ended up flat for most of the indices,
today the markets are headed in the same direction and looking to close out the
week with five straight negative sessions. Fueling the negative sentiment today
is a weaker than expected jobs report. Companies slowed down hiring in April,
adding only 160,000 jobs which fell short of expectations and the unemployment
rate remained unchanged at 5%. This weaker than expected jobs report may set up
the “bad news is good news trade” that we talked about yesterday causing the
Fed to further delay interest rate hikes this year. That sentiment doesn’t seem
to be driving investors in the early going but we will have to wait and see as
the day goes on. Oil is down this morning after trading higher yesterday with
investors closely watching the news of the wildfire burning in Canada’s
oil-sands district. Markets oversees seem to be responding negatively to the
uncertainty in the U.S. jobs outlook with most indices in Asia and Europe in
the red.
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