Stocks Brace for Impact With Looming Jobs Report

Stocks rebounded strongly on Thursday following Wednesday’s slump, and it looks like the trend will continue at the sound of the opening bell today, with the S&P 500 up 0.31%, Nasdaq Composite up 0.18% and Dow Jones Industrial Average up 0.31% in pre-market trading.

This all comes thanks to diminishing fears on trade, the Mueller investigation and the likelihood of an air strike against Syria by President Trump.

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Financial stocks led the way ahead of the start of the Q1 earnings season on Friday, with JPMorgan Chase & Co. (NYSE:JPM) up 3.1%.

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Asset management titan BlackRock, Inc. (NYSE:BLK) gained 1.5% on better-than-expected earnings and revenues, raising hopes for the big bank groups when they report.

Crude oil continues to be strong on tensions in the Middle East and evidence of building inflationary pressures. Investors are bracing for a possible production slowdown should U.S. and allied forces hit Syria for an alleged chemical weapons attack. Yesterday, Trump tweeted that the attack could “be very soon or not so soon at all!” In an apparent attempt to regain the element of surprise.

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That boosted the United States Oil Fund LP (ETF) (NYSEARCA:USO) 0.5% to a new high.

Looking ahead, Friday will feature another speech by Federal Reserve chairman Jerome Powell. Watch for confirmation of the firming inflation bias, raising the odds of another three quarter-point rate hikes this year. Moreover, we will have a job openings data update and the start of the earnings reporting season.

Check out Serge Berger’s Trade of the Day for April 13.

Today’s Trading Landscape

To see a list of the companies reporting earnings today, click here.

For a list of this week’s economic reports due out, click here.

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Anthony Mirhaydari is founder of the Edge (ETFs) and Edge Pro (Options) investment advisory newsletters. Free two- and four-week trial offers have been extended to InvestorPlace readers.

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