Stock futures trade higher ahead of October jobs report

The Labor Department is expected to say the U.S. economy added 450,000 new nonfarm jobs in October

U.S. equity futures traded modestly higher ahead of the release of the October employment report.

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This comes a day after the S&P 500 ran its winning streak to six sessions.

The most anticipated economic report of the month will be released before the opening bell.

The Labor Department is expected to say the U.S. economy added 450,000 new nonfarm jobs in October. That would be more than double September’s much weaker-than-expected increase of 194,000, which was the lowest since December. The unemployment rate is anticipated to fall 0.1 percentage point to 4.7%, the fourth straight month of declines and the lowest since March 2020.

OCTOBER JOBS REPORT IS EXPECTED TO SHOW A PICKUP IN HIRING

Investors received an encouraging update on the employment market's recovery. The Labor Department reported on Thursday that the number of Americans applying for unemployment benefits fell to another coronavirus pandemic low last week, another sign the job market is healing after last year’s coronavirus recession. 

A busy week for earnings wraps up Friday with some key players reporting ahead of the opening bell. They include Johnson Controls, Goodyear, Gannett, AMC Networks, E W Scripps, DraftKings and Groupon.

In Europe, London's FTSE added 0.4%, Germany's DAX is up 0.1% and France's CAC gained 0.3%.

In Asia on Friday, Tokyo's Nikkei 225 index shed 0.6%, Hong Kong's Hang Seng index dropped 1.4% and China's Shanghai Composite index lost 1%.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34580.08 -59.71 -0.17%
SP500 S&P 500 4538.43 -38.67 -0.84%
I:COMP NASDAQ COMPOSITE INDEX 15085.471504 -295.85 -1.92%

On Thursday, the benchmark S&P 500 rose 0.4% to 4,680.06, the Dow Jones Industrial Average edged 0.1% lower to 36,124.23, ending the blue-chip index’s five-day winning streak, while the Nasdaq added 0.8% to 15,940.31.

Investors continued to focus on the latest round of corporate earnings. Chipmaker Qualcomm jumped 12.7% after it gave investors an encouraging profit forecast and reported strong quarterly results. Other chipmakers also rallied. Nvidia rose 12% and Advanced Micro Devices rose 5.3%.

Moderna sank 17.9% after cutting its forecast for how many vaccine deliveries it expects to make this year. Merck rose 2.1% after British authorities approved its antiviral pill.

Shares of Peloton have plunged as much as 32% in premarket trading after the fitness equipment giant cut its full-year 2022 guidance due to a "softer than anticipated" start to the second quarter and "challenged visibility" in its near-term operating performance as a result of uncertainty related to the COVID-19 pandemic. 

Airbnb said Thursday that it earned $834 million on record revenue in the third quarter as more people got vaccinated and went back to traveling. Shares of Airbnb gained more than 3% in premarket trading.

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Benchmark U.S. crude prices picked up 98 cents to $79.79 per barrel in electronic trading on the New York Mercantile Exchange after OPEC and allied oil-producing countries decided to stick with their plan for cautious monthly increases in oil production even as prices surge and the global economy is thirsty for fuel.

Brent crude, the standard for international pricing, rose 70 cents to $81.25 per barrel.

The Associated Press contributed to this report.