The S&P 500 showed the expected pullback after the data, and was volatile — more in the technology space than the S&P 500. Shaking off weak hands, clients took advantage of the pullback, cashing in on the best trend day of 2026 so far.
Even QQQ surpassed the troubled $626 level, although the hesitant price action before the closing bell reminded me a bit of Wednesday. However, the glass is half full rather than half empty when it comes to the medium-term view (a Monday featuring a consolidation of Friday’s sharp gains, at least before the opening bell if not later, should come as no surprise).
Precious metals also brought gains for clients as I did not expect much of a decline when the support on Thursday was well held.
What should also be noted is that the US dollar has managed to rally nicely as short-term yields rise, with the market correctly betting that interest rate cuts will be closer than they were before the jobs data.
