Stock futures edged lower ahead of the September jobs report

Stock futures edged lower ahead of the September jobs report
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September Jobs report won't prevent Fed rate hike: Fmr.  NEC Chief Economist

Stock futures fell in overnight trading on Thursday as investors looked to the September jobs report for further clues on the Federal Reserve’s tightening campaign.

Futures tied to the Dow Jones Industrial Average fell 12 points, or 0.04%, while S&P 500 futures fell 0.15%. Nasdaq 100 futures fell 0.29%.

Shares of Advanced Micro Devices fell in overnight trading after the chip maker warned about the income of the third quarter will be lower than expected. Levi Strauss shares after management cuts

The major averages closed lower in regular trading, but are on pace to post their best week since June 24 and close nearly 4% higher. The Dow fell 346.93 points, or 1.15%, to 29,926.94, while the S&P 500 and Nasdaq Composite fell 1.02% and 0.68%, respectively.

With the exception of the energy sector, all major S&P sectors ended the session in negative territory. The sector rose 1.8% as oil prices rose and is set to end the week 14.7% higher.

A drop on Thursday as investors stayed away ahead of the September jobs report due on Friday. The findings may offer more certainty about the Fed’s tightening cycle strong job market or a surprise signal that the Fed may need a tougher stance to slow the economy and tame rising prices. Economists polled by Dow Jones expected the data to show a gain of 275,000 in nonfarm payrolls and unemployment to remain at 3.7%.

“The environment is ripe for a crisis and if the Fed continues its dovish communication, I think we’re likely to see something break down in the financial markets,” Guggenheim’s global chief investment officer Scott Minerd said on CNBC’s “Closing Bell: Overtime.” ” Thursday.

Minerd said the pace of tightening is starting to create cracks in financial markets and could force the Fed to pivot in the coming weeks.

“All the signs are there,” he said. “I can’t say exactly what it will lead to, but the environment is ripe, and when the Fed turns around, they’re not going to pre-announce it, they’re not going to ring the bell.”

A negative surprise in the September jobs report, which has occurred 75% over the past 25 years, could cause investors to rally, he said.

Along with the big jobs report, wholesale inventories and consumer credit data are also due on Thursday. Cannabis stock Tilray Brandswhich It rose Thursday after the White House announced that it was pardoning marijuanawill report earnings results.

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