Stock futures are little changed as traders await Friday’s jobs report: Live updates

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. 

Brendan Mcdermid | Reuters

U.S. stock futures were little changed on Thursday night as traders awaited Friday’s jobs report.

Dow Jones Industrial Average futures fell by 17 points, or 0.05%. S&P 500 futures and Nasdaq 100 futures dipped 0.06% and 0.02%, respectively.

Investors are coming off a muted session Thursday. The 30-stock Dow was lower by about 10 points, or 0.03%. The S&P 500 and the Nasdaq Composite declined 0.1%, each.

Those moves come as investors awaited the September jobs report. Economists polled by Dow Jones are expecting the U.S. economy to have added 170,000 jobs last month, down from 187,000 the prior month. The unemployment rate is expected to have fallen to 3.7%, lower than the 3.8% level in the previous reading.

Many market participants are hoping a somewhat softer jobs report will break the fever in bond yields, which have risen sharply and weighed on equities. The 10-year U.S. Treasury yield hit a 16-year high this week, rising as much as 4.884%. It last hovered above 4.7%.

Stock Chart IconStock chart icon

hide content

10-Year U.S. Treasury

“There’s volatility in the bond market,” Joe Terranova, senior managing director at Virtus Investment Partners, said Thursday on CNBC’s “Closing Bell.” “So one way or the other, tomorrow’s jobs report is going to have a significant impact on which way the market is going to move. Because right now, we are moving in such a volatile nature in fixed income, and that’s an uncomfortable place for investors to be in.”

The Dow turned negative on the year this week, and is headed for its third straight week of losses. As of Thursday’s close, the 30-stock index is down by 1.16%. The S&P 500 is on pace for its fifth consecutive losing week, down by 0.7%. The Nasdaq is about flat.

Source link

Leave a Comment