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Major market averages opened up the trading week in the green on Monday morning as investors eye jobs data later in the week.
Early on and the Nasdaq Composite (COMP.IND) picked up 0.8%, the S&P 500 (SP500) climbed 0.6%, and the blue chip Dow (DJI) ticked up 0.4%.
The 10-year Treasury yield (US10Y) fell 1 basis point to 3.94% and the 2-year yield (US2Y) was flat at 4.86%.
Attention will already be on gaming the February employment report, coming much later in the month than usual.
“It’s fairly uncontroversial to say that the last payrolls report published on February 3rd was a huge moment, and one that started a series of events that has meant that the last month has been a struggle for most financial assets, especially bonds (the worst February on record for the Global Agg),” Deutsche Bank’s Jim Reid said. “Remember that 36 hours before that payroll print, the relatively ‘dovish’ FOMC had led to 10yr US yields hitting 3.33%. Last week at their peak they hit 4.08% before closing out at 3.95% on Friday.”
“As such if you thought the relatively random number generator that is payrolls is usually overhyped, you’ve seen nothing yet as we approach Friday’s big number,” he added. “For those who have been on a sabbatical to another planet, last month it came in at +517k against +223k expected with fairly substantial upward revisions from the previous year as part of the annual review.”
On the economic front, factory orders for January came in above the -1.8% forecasted figure as they showed -1.6%.
Among active movers, shares of Ciena Corporation jumped higher after the company announced positive figures in its latest earnings report.