U.S. stock futures rose early Friday morning. Investors are waiting for the pivotal monthly jobs report. S&P 500 futures gained 0.2%. Nasdaq 100 futures led gains, rising 0.4%. Futures for the Dow Jones Industrial Average tipped slightly higher. The positive sentiment follows a record closing high for the S&P 500 on Thursday.
August Jobs Report in Focus
All eyes are on the August jobs report. The data is due from the Bureau of Labor Statistics at 8:30 a.m. ET. Economists expect the economy added 75,000 jobs. They also predict the unemployment rate rose to 4.3%. Weaker data could give the Federal Reserve more reason to cut rates. “The silver lining is the weaker the jobs data, the more cover there is for stimulative interest rate cuts,” said one analyst.
Rate Cut Bets Solidify
Recent soft labor market data has increased rate cut expectations. Traders are now pricing in a 99% chance of a reduction. They expect the Federal Reserve to cut rates at its September meeting. Thursday’s data showed a rise in jobless claims. This amped up anticipation for Friday’s more comprehensive report.
Several stocks made big moves in premarket trading. Broadcom (AVGO) shares rose about 8%. The chipmaker offered an upbeat forecast driven by AI demand. DocuSign (DOCU) stock also climbed 8% after an earnings beat. In contrast, Lululemon (LULU) stock slumped nearly 18%. The apparel retailer slashed its annual profit and sales forecasts.
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