Stock futures trade lower ahead of the June jobs report
Stocks got s boost on Thursday after a member of the Fed panel that sets interest rates, James Bullard, said a "soft landing" for the economy was the most likely scenario
U.S. equity futures traded lower Friday morning ahead of the most anticipated economic report of the month.
The major futures indexes suggest a decline of 0.5% when trading in the final session of this holiday-shortened week gets underway on Wall Street.
Prices traded cautiously as recession fears continued to weigh on sentiment. U.S. West Texas Intermediate crude traded at $102 a barrel. Brent crude futures traded at $104 a barrel after a near 4% rebound on Thursday.
The Labor Department is expected to say the U.S. economy added 268,000 new nonfarm jobs in June. That’s down from a stronger-than-expected 390,000 in May and would mark the weakest job growth since April 2021, consistent with other data showing signs of a cooling labor market.
JOBS REPORT WILL OFFER FRESH RECESSION CLUES
The unemployment rate is anticipated to hold steady at 3.6% for the third month in a row.
Bitcoin traded around $21,000.
Stocks got s boost on Thursday after a member of the Fed panel that sets interest rates, James Bullard, said a "soft landing" for the economy was the most likely scenario. Another panel member, Christopher Waller, said "fears of a recession are overblown."
FORMER JAPANESE PM SHINZO ABE DIES AFTER BEIN SHOT DURING CAMPAIGN SPEECH
Tokyo's main stock market index gave up some of its gains following the fatal shooting of a former Japanese Prime Minister Shinzo Abe, but stayed in positive territory for the day.
The Nikkei 225 in Tokyo was up 0.1, the Hang Seng in Hong Kong added 0.4% and China's Shanghai Composite Index slipped 0.3%.
On Wall Street, the S&P 500 rose to 3,902.62 for its fourth daily increase. Roughly three-fourths of the stocks in the index gained.
The Dow Jones Industrial Average rose 1.1% to 31,384 and the Nasdaq composite advanced 2.3% to 11,621.35.
Shares of Twitter were down more than 4% in the premarket as Tesla CEO Elon Musk’s $44 billion deal to purchase Twitter maybe in serious jeopardy, according to a Thursday report. People familiar with the proceedings told The Washington Post that Musk’s team has stopped having discussions about funding.
Shares of Levi Strauss rose after the company reported higher sales and earnings for the quarter that topped expectations. Levi shares ended Thursday’s regular session up 4% at $16.41 and added another 4% in after-hours.
GAMESTOP FIRES CFO AMID STAFF SHAKEUP
GameStop shares fell nearly 7% in premarket trading after the company announced that it had fired its chief financial officer and laid off a number of its employees as the video game giant seeks to reshape the company.
On Thursday, official data showed the number of Americans applying for unemployment benefits topped the 230,000 mark for the fifth consecutive week. It was the highest level in almost six months.
The Associated Press contributed to this report.