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US pre-open: Stock futures in the red ahead of NFP data

By Iain Gilbert

Date: Friday 03 Feb 2023

US pre-open: Stock futures in the red ahead of NFP data

(Sharecast News) - Wall Street futures were in the red ahead of the bell on Friday as traders look ahead to some key labour data.
As of 1230 GMT, Dow Jones futures were down 0.22%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.60% and 1.03% lower, respectively.

The Dow closed 39.02 points lower on Thursday as investors digested a number of data points and corporate earnings.

AvaTrade's Naeem Aslam said: "Today is the most crucial day for market players, as we will see the latest reading of the US NFP data. This economic reading commands the most attention among investors and traders, as the economic data sets the trading tone for today and can influence it for the rest of the month. As always, the Fed will watch this data very closely, which is highly likely to affect their monetary policy, which will be announced again in a matter of weeks.

"Stock futures are trading modestly higher as traders will take a cautious approach ahead of this data. There is a minimal volume in the markets ahead of this data as the action tends to happen only after the economic reading. However, it is generally expected that the upcoming US NFP number will likely produce a weaker reading. This is because the US ADP number missed the forecast by a mile setting the stage for a weak US NFP reading. In addition to this, investors are going to look closely at the impact of the data on the US economy."

On the macro front, nonfarm payroll data will be published at 1330 GMT, while a final reading of S&P Global's composite and services PMIs will be released at 1445 GMT and the ISM's non-manufacturing PMI will follow at 1500 GMT.

No major corporate earnings were slated for release on Friday.

Reporting by Iain Gilbert at


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