Dow Futures Are Rising Ahead of Jobs Report
U.S. stocks were headed for gains on Friday, with investors betting that the war of words between President Donald Trump and his onetime ally Elon Musk would de-escalate as the market waits for key jobs data.
Futures tracking the Dow Jones Industrial Average rose 195 points, or 0.5%. S&P 500 futures climbed 0.4%, and contracts tied to the tech-heavy Nasdaq 100 were up 0.3%.
The three blue-chip indexes dropped Thursday, with investors on edge about the bitter feud between Trump and Musk. But there were some signs late Thursday that tensions could ease, with Musk signaling in two replies on X that he’d be in favor of a cooling-off period.
The dramatic breakup is playing out ahead of the May nonfarm payrolls report, which will give investors a better sense of how the U.S. labor market is holding up. The Bureau of Labor Statistics is set to publish its monthly snapshot of employment conditions at 8.30 a.m. Eastern time. Economists polled by FactSet are expecting the data to show that employers added 130,000 jobs last month, a slight slowdown compared with April’s 177,000 net additions.
The yield on the benchmark 10-year U.S. Treasury note retreated by 1 basis point to 4.38% early Friday. The U.S. Dollar Index, which tracks the greenback’s strength against a basket of six other currencies, rose 0.2%.