Stock Market Update

Nonfarm payrolls increased by 151,000 in February (Briefing.com consensus 150,000) and nonfarm private payrolls increased by 140,000 (Briefing.com consensus 140,000).

Average hourly earnings rose 0.3% in February (Briefing.com consensus 0.3%) and the unemployment rate rose to 4.1% (Briefing.com consensus 4.0%). The average workweek was unchanged at 34.1 hours in February (Briefing.com consensus 34.2).

The initial response in equities is positive. The S&P 500 futures are up 36 points and are trading 0.6% above fair value, the Nasdaq 100 futures are up 172 points and are trading 0.9% above fair value, and the Dow Jones Industrial Average futures are up 215 points and are trading 0.5% above fair value.