JP Morgan and Goldman Sachs Preview NFP Report; S&P Up 1%

JP Morgan and Goldman Sachs have provided detailed market reaction previews for the upcoming Non-Farm Payroll (NFP) report. According to JP Morgan, if more than 200,000 jobs are added, there is a 5% chance the S&P 500 could move between -0.25% to -0.5%. For a range of 120,000 to 200,000 jobs, the S&P 500 is expected to rise by 0.5% to 0.75% with a 30% probability. If the jobs number falls between 80,000 to 120,000, the index could be flat to up 0.5% with a 40% probability. Less than 20,000 jobs would likely result in a significant selloff of 0.75% to 1.5%. Goldman Sachs has a different outlook, expecting a selloff of at least 1% if more than 250,000 jobs are added. For 200,000 to 250,000 jobs, the S&P 500 could fall by 0.5% to 1%, while 125,000 to 200,000 jobs could see the index move up or down within 0.5%. A range of 75,000 to 125,000 jobs would likely result in a rally of 0.5% to 1%. If less than 75,000 jobs are added, Goldman expects a selloff of 0% to 0.5%. Currently, the S&P 500 is up 1%.