U.S. stock futures pointed higher on Friday, ahead of data that could show a slowing pace of hiring, which would reassure investors that the Federal Reserve won’t take interest rates much higher.
What’s happening
-
Dow Jones Industrial Average futures
YM00,
+0.39%
rose 78 points, or 0.2%, to 34869. -
S&P 500 futures
ES00,
+0.34%
gained 9 points, or 0.2%, to 4525. -
Nasdaq 100 futures
NQ00,
+0.17%
increased 12 points, or 0.1%, to 15551.
On Thursday, the Dow Jones Industrial Average
DJIA
fell 168 points, or 0.48%, to 34722, the S&P 500
SPX
declined 7 points, or 0.16%, to 4508, while the Nasdaq Composite
COMP
gained 16 points, or 0.11%, to 14035.
What’s driving
Ahead of Friday’s barrage of heavy-hitting economic data, U.S. stocks saw modest pressure, as inflation data was largely benign but jobless claims dented an emerging picture of an economic slowdown. Dollar General’s
DG,
profit warning, however, pointed to a consumer under pressure.
Friday will see the release of nonfarm payrolls data at 8:30 a.m. Eastern, with expectations that 170,000 jobs were created in August. That would be the weakest showing since Dec. 2020, a month that saw 268,000 jobs lost.
“There have been indicators that the U.S. jobs market is finally starting to lose some of its tightness, and if the NFP print confirms this trend, it will be one less thing for the FOMC to worry about given labor market resilience has long been a source of inflationary pressure,” said Tim Waterer, chief market analyst at KCM Trade.
There’s also the Institute for Supply Management’s manufacturing index, as well as monthly auto sales, that will get released. Thursday’s after hours releases saw mixed responses, with Dell Technologies
DELL,
stock rallying but Broadcom shares
AVGO,
wilting after results.
In China, August Caixin manufacturing PMI came in above expectations, rising to 51, a level that indicates improving conditions, as the country also lowered down-payment requirements on homes. The Hong Kong market was shut over storm-related concerns.
