S&P, Dow futures bounce after tech selloff, focus shifts to jobs report

0
28

(Reuters) – Futures tracking the S&P 500 and Dow indexes bounced on Friday after Wall Street’s worst session since June, with attention turning to the crucial jobs report that is likely to show a faltering recovery in the labor market.

The Labor Department’s report is expected to show 1.40 million U.S. jobs created last month, down from 1.76 million in July, as the government’s coronavirus aid ran out and companies from transportation to industrials announced layoffs or furloughs.

The data, expected at 8:30 a.m. ET (1230 GMT), could add pressure on the White House and Congress to restart stalled negotiations over the next coronavirus relief package.

After climbing to record highs on the back of historic stimulus and a rally in technology stocks, the benchmark S&P 500 .SPX and tech-heavy Nasdaq .IXIC suffered their worst day in nearly three months on Friday as investors booked gains.

At 6:18 a.m. ET, Nasdaq 100 e-minis NQcv1 were down 26 points, or 0.22%. Dow e-minis 1YMcv1 were up 181 points, or 0.64%, and S&P 500 e-minis EScv1 were up 15.25 points, or 0.44%.

Apple Inc (AAPL.O), Microsoft Inc (MSFT.O), Amazon.com Inc (AMZN.O) and Tesla Inc (TSLA.O), which bore the brunt of Thursday’s losses, were flat to marginally lower in early premarket trading.

Shares of rate-sensitive bank stocks including Bank of America Corp (BAC.N), Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) rose between 1.3% and 1.8% as the benchmark 10-year US10YT=RR yield bounced off of a near four-week low. [US/]

Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur

Our Standards:The Thomson Reuters Trust Principles.

Reuters

LEAVE A REPLY

Please enter your comment!
Please enter your name here