Stock Market Today: Dow futures inch higher after rough session as key payrolls report awaits
How are stock-index futures trading:
Dow Jones Industrial Average futures increased 10 points, or 0.02%, to 41,957
S&P 500 futures increase 6 points, or 0.1%, to 5,744.50
Nasdaq 100 futures increased 59 points, or 0.29%, to 20,080.00
On Thursday, the Dow Jones Industrial Average fell 378 points, or 0.9%, to 41763, the S&P 500 declined 108 points, or 1.86%, to 5705, and the Nasdaq Composite dropped 513 points, or 2.76%, to 18095.
Stock futures were stable on Friday morning following a tough session on Thursday that saw the S&P 500 index fall 1.86%, in its sharpest single-day drop in almost two months.
The S&P 500 index’s performance was hit by a sharp 6.05% drop in Microsoft stock on investors disappointment over the technology giant’s forecasts for revenue growth from its cloud computing business.
Apple also delivered a mixed results after the close that contributed a drop in its share price in Thursday’s after market session. Amazon, by contrast, saw its share price surge 6% post market after it delivered a strong profit beat.
In the U.K., markets continued to be shaken by the new government’s budget announcement that saw Labour Party Chancellor of the Exchequer Rachel Reeves set out plans to bring in £40 billion of new taxes. The U.K. budget announcement contributed to a surge in bond yields and led to a drop in the value of Britain’s currency, as markets reacted negatively towards the government’s extra borrowing plans.
Investors will now be waiting for the publication of the U.S. Bureau of Labor Statistics October jobs report ahead of the Federal Reserve’s interest rate decision next week. The last jobs report in September showed stronger-than-expected nonfarm payroll growth of 254,000.
U.S. oil majors Chevron and ExxonMobil are also set to publish third-quarter results today.