NFP040912Following last Friday’s weaker than expected Non Farm Payrolls report on a day when US equities were closed in observance of Good Friday, stocks are starting off the week poorly. If that narrative sounds familiar, that’s because it is. Back in 2012, on April 6th (the last time US equity markets were closed on a day when the employment report was released), the March Non Farm Payrolls report was also significantly weaker than expected, missing consensus forecasts by 85K. The following Monday (4/9/12), the S&P 500 opened down by a little more than 1%, weakened further in the first half hour of trading and then slowly stabilized throughout the trading day.

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