Dow, S&P 500, Nasdaq Futures Rise After Soft Jobs Report As Markets Await Fed Minutes: IBRX, SMCI, VST, SOFI Stocks In Focus
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Expectations for a Fed rate hike in October have plummeted to 22.1% from 64.2% a week earlier, according to data from the CME FedWatch tool.
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Markets are also closely watching the minutes from September’s FOMC meeting, scheduled for release Wednesday afternoon.
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While the earnings season has largely wrapped up, results from Constellation Brands, Levi Strauss, PepsiCo, Delta Air Lines, and others are still expected this week.
U.S. stock futures traded higher in the overnight session late Sunday, as weaker-than-expected jobs data last week lowered expectations for another benchmark interest rate hike from the Federal Reserve this month.
Meanwhile, markets will watch for the U.S. Federal Open Market Committee (FOMC) meeting minutes, scheduled for release on Wednesday.
As of 10:40 p.m. EDT, Dow futures were up 0.01%, the S&P 500 futures had gained 0.08%, while Nasdaq-100 futures rose 0.27%.
On Friday, all three benchmark indexes closed higher. The Nasdaq Composite led the climb, hitting an all-time high during trading hours and ending the session 1.19% higher. The Dow Jones Industrial Average rose 0.49% at close, while the S&P 500 gained 0.73%.
|
Index |
Move |
Close |
|
Dow Jones Industrial Average |
0.49% |
51,176.96 |
|
S&P 500 |
0.73% |
7,722.72 |
|
Nasdaq Composite |
1.19% |
27,190.86 |
Last week, U.S. benchmark indexes posted mixed returns, with the Nasdaq closing higher while the S&P 500 and Dow closed lower.
Key US Market Drivers
U.S. markets closed last week higher after being pressured by rising long-dated Treasury yields and inflation concerns. However, the September jobs report, which came in below expectations, eased rate-hike concerns.
The September 2026 U.S. jobs report showed nonfarm payrolls increasing by a lower-than-expected 29,000 jobs, while the unemployment rate ticked up to 4.2%.
U.S. Treasury yields surged to multiyear highs last week before pulling back on Thursday. At the time of writing, the 10-year U.S. Treasury yield was trading at 5.26%, down from 5.3% earlier. The 30-year Treasury bond yield was trading at 5.609% at the time of writing.
Meanwhile, expectations for a Fed rate hike in October have plummeted to 22.1% from 64.2% a week earlier, according to data from the CME FedWatch tool.
Charlie Bilello, Chief Market Strategist at Creative Planning, said in a post on X last week that despite the weaker-than-expected payroll report, “another Fed rate hike is still likely before year-end” during the December FOMC meeting.
Markets are also closely watching the minutes from September’s FOMC meeting, scheduled for release Wednesday afternoon. The minutes will provide insight into the Fed’s decision to hike interest rates and will likely provide cues for its upcoming policy decisions.
After last week’s rally in technology stocks, with Nvidia Corp. (NVDA) hitting an all-time high of $237.88 in intraday trading, markets will also watch whether the momentum carries into the following week.
While the earnings season has largely wrapped up, results from Constellation Brands, Levi Strauss, PepsiCo, Delta Air Lines, and others are still expected this week.
Trending Stocks To Watch
ImmunityBio Inc. (IBRX): Shares of the biotechnology company climbed higher in the overnight session late Sunday after posting their strongest weekly gain in more than seven months, following Michael Caputo’s appointment to U.S. President Donald Trump’s Cancer Panel that sparked speculation among retail investors over potentially broader access to the company’s flagship immunotherapy, Anktiva.
Vistra Corp. (VST): Shares of the energy company popped more than 6% overnight after media reports last week indicated the U.S. federal government is likely to announce a $4 billion loan package for the company to upgrade three of its nuclear power facilities.
Super Micro Computer Inc. (SMCI): Shares of the company garnered retail attention after its recent announcement of a broad AI infrastructure partnership with NetApp to pair its rack-scale systems with NetApp’s data platform.
SoFi Technologies Inc. (SOFI): The fintech company has been in focus amid its prolonged share price decline due to rising inflationary concerns, the Fed’s recent rate hike, and other company-specific catalysts. Meanwhile, research firm Northwise Project said over the weekend that it sees an attractive growth opportunity in the company, especially in its Loan Platform Business.
Other Market Trends
Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY), the SPDR Dow Jones Industrial Average ETF Trust (DIA) and the Invesco QQQ Trust (QQQ) all climbed higher overnight, with sentiment in the green.
The iShares 20+ Year Treasury Bond ETF (TLT) was up 0.28% amid ‘bullish’ sentiment.
Oil prices declined overnight. At the time of writing, Brent crude futures expiring in December were trading at $101.63 a barrel, while WTI crude futures expiring in November traded at $101.63 per barrel.
Asian markets opened higher on Monday. Japan’s Nikkei 225 led the climb, up about 2.5% at the time of writing. South Korea’s KOSPI, China’s SSE Composite and Australian stocks were also trading in the green at the time of writing.
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Aashika Suresh has no position in any of the stocks mentioned in this article. StockTwits’ news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy. This article was originally published on StockTwits.
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