Dow Futures Rise 165 Points on Nonfarm Payrolls Focus
02 Jun 2023
Dow futures advance 165 points as May nonfarm payrolls take center stage
In anticipation of the release of the highly awaited monthly jobs data, investors predict that U.S. equities will start the day higher on Friday as the debt ceiling bill has been passed by Congress.
165 points were added to the Dow Futures contract.
After weeks of party fighting, the U.S. Senate on Thursday followed the House of Representatives example and adopted an agreement to boost the country’s borrowing limit.
Before the June 5 deadline, when the Treasury Department said the government would likely run out of money, the law would be signed by President Joe Biden at the White House.
One of the last data points before the Fed’s meeting on June 13–14 will be the official monthly U.S. jobs report, which is scheduled to be released later in the afternoon.
The greatest economy in the world is predicted to have created 180,000 new jobs to its payroll in May, down from 253,000 in April.
DOW JONES TECHNICAL ANALYSIS DAILY CHART:
- Dow Jones is currently trading in the up channel.
- Dow Jones is currently trading above 5&20 SMA.
- RSI is in buying zone which suggests bullishness and Stochastic is suggesting up trend.
- Immediate resistance is at 33277.14 & its immediate support level is 33107.49
HOW TO DOW JONES IN THIS WEEK
After making gains, Dow Jones’ price retraced to the downside, and it is currently attempting to rise upward once more. It has broken the previous day’s high and is currently trading at a key resistance level; if this level is broken, further upside is expected.