Stock futures were slightly higher Friday ahead of the release of U.S. labor market data that Federal Reserve officials will be watching closely as they consider their next move on interest rates.
Futures tied to the Dow Jones Industrial Average were up 0.1%, while those linked to the S&P 500 and Nasdaq 100 gained 0.2% and 0.3%, respectively. The major indexes closed lower on Thursday as the bumpy start to October trading continued, while oil prices surged amid rising concerns about tensions in the Middle East.
Stocks have been in something of a holding pattern in recent days as investors await the September jobs report, due at 8:30 a.m. ET. Fed officials have said they are increasingly focused on the labor market, which has shown signs of weakness, now that inflation has moderated. The Fed cut its benchmark interest rate last week for the first time in four years and has indicated that more easing is likely, though economic data will drive decision on how fast and deep subsequent cuts will be.
News that dockworkers late Thursday agreed to suspend a massive strike, which had closed ports from Maine to Texas this week, provided a boost to sentiment. There had been concerns that the work stoppage could could significantly disrupt supply chains, sparking inflation and harming the labor market.
Mega-cap technology stocks were higher across the board in premarket trading Friday. Meta Platforms (META) was up 0.3% and on pace to hit another record high, while Nvidia (NVDA) rose 0.4% after surging more than 3% yesterday amid optimism about demand for AI. Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL) and Amazon (AMZN) were also higher ahead of Friday’s opening bell.
U.S.-traded shares of Chinese stocks were also rising, extending big gains that were spurred last week by the announcement of wide-ranging stimulus measures by Chinese authorities. The iShares MSCI China ETF (MCHI) was up nearly 4% in premarket trading and is up about 30% since the first batch of measures was announced early last week.
Crude oil futures were up about 1% after surging more than 5% yesterday amid concerns that a growing conflict in the Middle East could cut into supply.
Gold futures were little changed at $2,680 per ounce, while bitcoin rose about 1% to around $61,300.
Major Index Stock Futures Higher Ahead of Jobs Data
26 minutes ago
Futures tied to the Dow Jones Industrial Average were up 0.1%.
TradingView
S&P 500 futures were up 0.3%.
TradingView
Nasdaq 100 futures were up 0.4%.
TradingView
