Stock Market Today: Dow futures lower on Nvidia export fears ahead of key payrolls data. Bond market turmoil, TikTok hearing in focus.
U.S. stock futures leaned lower Friday on concern over possible export restrictions on Nvidia, ahead of key data on the jobs market.
Dow Jones Industrial Average futures fell 41 points, or 0.1%, to 42837.
S&P 500 futures dropped 17 points, or 0.3%, to 5942.
Nasdaq-100 futures decreased 98 points, or 0.5%, to 21263.
On Wednesday, the Dow Jones Industrial Average rose 107 points, or 0.25%, to 42635, the S&P 500 increased 9 points, or 0.16%, to 5918, while the Nasdaq Composite dropped 11 points, or 0.06%, to 19479.
Markets resume action after the funeral for President Jimmy Carter with the jobs report expected to show a slowdown in hiring. The main question is how the jobs data impacts the Treasury market, with the 10-year yield up more than a full percentage point from its mid-September lows.
U.S. investors also will get a chance to react to turmoil in the U.K. bond market that has been playing out, where the British 30-year gilt yield hit the highest level since 1998, even as the pound slumped vs. the U.S. dollar.
There’s also a report that the White House is planning new restrictions on AI microchip exports, a move criticized by Nvidia.
More tech news is on the docket as the Supreme Court hears an appeal from TikTok on whether the ban on its service can take effect. TikTok has threatened to shut down its service, though the law would allow for its Chinese owner ByteDance to sell the service.