US stock futures pulled back on Friday as investors braced for a crucial jobs report to provide clues to the size of this month’s expected interest-rate cut and the resilience of the US economy.
Tech stocks sank to lead the declines, with Nasdaq 100 futures (NQ=F) down 1.1%. S&P 500 futures (ES=F) retreated 0.6%, while Dow Jones Industrial Average futures (YM=F) dropped 0.3%.
Despite anemic closes, stocks have whipsawed this week as the market assessed incoming economic data for their potential to persuade the Federal Reserve to lower rates by more than 0.25% at its September meeting. Softer labor market readings have fueled the debate over the chance of a 0.5% cut, but have also raised worries that the US is on the brink of recession.
Read more: Fed predictions for 2024: What experts say about the possibility of a rate cut
Investors are now bracing for more volatility as they wait for the pivotal jobs report for August, expected to show a rise in nonfarm payrolls to 165,000 when it’s released at 8:30 a.m. ET. The key question is whether the data confirms the path of cooling shown in July’s surprising print or reveals that labor market weakness as overstated.
Going into the report, the market sees 41% odds of a deeper rate cut from the Fed, compared with 30% a week ago, according to the CME FedWatch tool.
Meanwhile, chipmaker Broadcom’s (AVGO) shares fell in pre-market trading on the heels of a lackluster sales forecast. While the Apple supplier is benefiting from a surge in AI spending, its other divisions are falling short.
Yesterday, I came across an AMAZING local Facebook group: Cedar City Worst Drivers. In this group, people have posted photos of actual LOCAL people in Southern
Minnesota added 14,400 jobs in August, the largest monthly gain since July 2022, the Minnesota Department of Employment and Economic Development said Thursday.
Warner Music Group said Thursday it would lay off about 750 employees, or 13% of its workforce, as part of a revised strategic restructuring plan t
Listen to this article Minnesota saw its largest monthly employment increase in more than two years last month as state employers added 14,400 jobs, the Minn