US pre-open: Futures trade lower ahead of NFP data
By Iain Gilbert
Date: Friday 08 Mar 2024
(Sharecast News) - Wall Street futures were mixed ahead of the bell on Friday ahead of key jobs data.
As of 1230 GMT, Dow Jones futures were down 0.41%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.15% and 0.20% weaker, respectively.
The Dow closed 103.30 points higher on Thursday but was still on track to register a weekly loss prior to the open.
Friday's primary focus will be February's all-important nonfarm payrolls report, which will be published at 1330 GMT, with economists expecting to see a growth of 198,000 and an unemployment rate of 3.7% - pointing to a slowing, but still relatively strong, labour market.
Interactive Investor's Richard Hunter said: "With little to upset the applecart, US markets powered to new record highs as peak optimism continued to drive buying interest. Investors have been reassured over recent days following Federal Reserve Chair Powell's comments to lawmakers, which have contained no negative surprises. Most pertinently, the Fed stands prepared to reduce interest rates this year when circumstances dictate, and implied that such a move is not far away, even though there is no immediate rush to ease monetary policy in light of consistently favourable economic data.
"Indeed, the relatively benign backdrop will be put to the test again today with the release of the non-farm payrolls report. Investors will be hoping to see employment beginning to slow, while remaining solid, while also keeping an eye on wage growth which itself is inflationary. The data is expected to show that 200000 jobs were added in February, following the previous month's blowout number of 353000, while unemployment is likely to remain unchanged at 3.7%."
In the corporate space, chipmaker Broadcom traded lower in pre-market despite issuing full-year revenue guidance that was in line with expectations, while retailer Costco was in the red after its quarterly revenue missed estimates.
Reporting by Iain Gilbert at Sharecast.com
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