Jobs Report Dropped A Bombshell On The Markets

[ETF Daily News]( February 8th, 2023 SPONSORED AD [What You Need to Know About the Middle-Class Massacre]( A looming financial event that one expert calls the "Middle-Class Massacre" will soon devastate millions of hardworking Americans. When it strikes, and all his research proves it will strike in 2023, he predicts stocks will crash 50% ... real estate will be slashed in half ... unemployment will surge to record highs ... and the wealth of millions will be decimated as the biggest bubble in history bursts. [Go here for the full story...]( [Jobs Report Dropped A Bombshell On The Markets]( The non-farm payrolls report released last Friday dropped a bombshell on the market, revealing the US economy added 517K jobs in January 2023, surpassing expectations of 185K and the highest since July 2022. Growth was seen in leisure and hospitality, professional and business services, health care, government, retail trade, construction, transportation and warehousing, and manufacturing. Despite tech layoffs and potential economic slowdown, the labor market remains tight, with November and December job numbers revised higher. This was a real shocker that caused huge, unexpected waves of volatility in the markets. Let’s have a look at 1-day futures performance last Friday in the diagram below. It looks like a red sea with a small island covered in green grass. [1 Day Futures Performance]( courtesy: finviz.com Gasoline, silver and platinum were the ultimate losers that day with massive losses of -5.3%, -5.2% and -5.1% respectively. Gold futures lost huge -2.8% as well. Palladium futures price plummeted -1.8%. Among metals, Copper futures were the most resilient at -1.5%. The U.S. dollar index definitely took center stage. High hopes for a soft landing for the Fed, supported by a robust labor market, fueled huge demand for the dollar as a rate hike, potentially larger than 0.25%, seems imminent. The DX futures gained +1.2% last Friday. Last month, I shared my thoughts about the future of the dollar in the post titled [“Is Dollar’s Dominance Over?”]( covering both [technical]( and [fundamental factors](. The former has shown the bearish scenario and the latter has highlighted the bullish potential. The majority of readers voted that… Continue reading at [INO.com]( Copyright © 2023 StockNews.com | All Rights Reserved [Unsubscribe]( [Privacy Policy]( [Terms & Conditions]( Magnifi Communities, 1 Penn Plaza, Suite 3910, New York, NY 10019