US pre-open: Futures flat ahead of July jobs report
By Iain Gilbert
Date: Friday 06 Aug 2021
(Sharecast News) - Wall Street futures were trading mostly flat ahead of the bell on Friday as market participants awaited July's key non farm jobs report.
As of 1230 BST, Dow Jones and S&P 500 futures were up 0.07% and 0.04%, respectively, while Nasdaq Composite futures were down 0.11%.
The Dow closed 271.58 points higher on Thursday as traders thumbed the Department of Labor's latest weekly initial jobless claims report, which showed first-time jobless claims in the US fell by 14,000 to reach 385,000 during the week ended 31 July.
Friday's main focus will be July's non farm payrolls report and unemployment data at 1330 BST, with economists expecting to see 845,000 jobs added last month as the unemployment rate was predicted to have contracted from 5.9% to 5.6%.
AJ Bell's Russ Mould said: "A worse-than-expected figure might trigger a positive market reaction as it would suggest the economy is not overheating. Conversely, a better-than-expected figure might trouble investors if it suggests the economy is racing ahead, which would stoke fears of interest rate hikes happening sooner than currently guided by the US Federal Reserve.
"With the markets now entering the summer lull, investors will be taking stock of their year-to-date performance and creating a game plan for the autumn. US stocks continue to be the place where a lot of people are making money, with the S&P 500 index up 19.7% year to date, closely followed by the Dow Jones which has advanced 16%."
Elsewhere on the macro front, June wholesale inventories data will be published at 1500 BST and June consumer credit change figures were slated for release at 2000 BST.
The yield on the benchmark 10-year Treasury noted continued its recent stretch of volatile trading prior to the open, rallying above 1.25% after having traded at 1.13% earlier in the week.
In the corporate space, AMC Networks, Draftkings, Norwegian Cruise Line and Goodyear Tire will all report throughout the course of the day.
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