Stock futures rose on Friday as investors awaited the October jobs report for clues on the pace of future rate hikes from the Federal Reserve.
Dow Jones industrial average futures rose 221 points, or 0.7%. S&P 500 futures were 0.9% higher, while futures linked to the Nasdaq 100 added 0.9%.
The October nonfarm payrolls report Friday will give investors more clues about where the economy stands and how much work the central bank has to reduce inflation. Economists polled by Dow Jones forecast 205,000 jobs added last month and the unemployment rate to hold steady at 3.5%.
“They’re trying to suppress demand, which makes tomorrow’s jobs number extraordinarily important, because if you get a good jobs number based on things that aren’t deteriorating on the jobs front, it’s really doing the hard work. [the central bank] A lot more,” Guy Adami of the private advisory group said on CNBC’s “Fast Money” on Thursday.
Friday’s jobs report comes after another dismal session for Wall Street.
The Dow lost 0.5% on Thursday, while the S&P 500 fell 1%. The Nasdaq, meanwhile, fell 1.7%. Investors weighed the Fed’s latest 0.75 percentage point rate hike and comments from Chairman Jerome Powell.
All major averages are on track to end the week with losses. As of Thursday’s close, the Dow was down 2.62%, ending a four-week streak of gains. The S&P and Nasdaq are on pace to snap two-week winning streaks, down 4.64% and 6.84%, respectively. The tech-heavy Nasdaq is on course for its worst weekly performance since January 2022.
Corporate earnings season continued with the mobile payments giant prevent Exceeded expectations by 13%. Carvana Shared was abandoned as it posted higher-than-expected losses. Investors are expecting AMC Networks’ third-quarter report before Friday.