Tomorrow morning the Bureau of Labor Statistics will release its Employment Situation report for December. Depending upon your preferred source, the consensus estimate is for a gain of approximately 160,000 net new nonfarm jobs.
This is quite a bit lower than the 202,000 that ADP reported yesterday. Historically, the market has responded less than sanguinely to the jobs report released in January.
S&P 500(NYSEARCA:SPY), NASDAQ(NYSEARCA:QQQ), Russell 1000 and Russell 2000(NYSEARCA:IWM) have all posted average losses on the day in the last twenty years. S&P 500 and Russell 2000 both logged eleven losing years. DJIA (NYSEARCA:DIA)and Russell 1000 have been up half the time while NASDAQ is the sole major index with more years up than down with an average loss of -0.12% but a median gain of 0.10%. Russell 2000 is the biggest loser down -0.34% on average and median.