U.S. Futures Rise Ahead of Key Jobs Report After Market Sell-Off
After a sharp sell-off in all three major indices on Thursday, U.S. futures traded higher on Friday morning, with investors eagerly anticipating the release of the key US monthly jobs report.
The Nasdaq 100, S&P 500, and Dow Jones futures were all up by about 0.2%, 0.19%, and 0.11%, respectively, at 2:37 a.m. EST on April 5. This positive movement comes after the Dow Jones fell 1.35% on Thursday, marking its steepest one-day drop since March 2023. The S&P 500 and Nasdaq 100 also declined by 1.23% and 1.55%, respectively.
The market downturn is attributed to concerns about inflation due to higher oil prices and doubts about future interest rate reductions following recent comments from Federal Reserve Presidents.
Investors are now looking forward to the release of the Nonfarm Payrolls and Unemployment data, which will provide insights into the strength of the labor market. Economists expect an increase of 200,000 jobs in nonfarm payrolls for March, with the unemployment rate expected to decline to 3.8%. Average Hourly Wages are also expected to have risen by 0.3% from the previous month.
In addition, the U.S. 10-year treasury yield was up, hovering near 4.32%, while WTI crude oil futures trended higher, supported by OPEC+ output cuts and supply disruptions.
Meanwhile, European indices are expected to open mixed as investors evaluate the Eurozone’s Construction and Retail sales data, as well as the U.K. House Prices report.
In Asia-Pacific markets, indices were mixed as concerns about higher interest rates lingered. Hong Kong’s Hang Seng index was up 0.01%, while Japan’s Nikkei and Topix closed lower. Chinese markets remained closed for a public holiday.
Overall, investors are closely monitoring economic data and market movements as they seek to navigate the current financial landscape.
