Global Tech Stocks Struggle Ahead of Jobs Report
Markets are often eerily quiet before the U.S. jobs report. Not today.
Highflying Asian chip stocks swooned and futures point to more tech losses in New York ahead of monthly labor-market data brought forward by Independence Day.
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The jobs data is due at 8:30 a.m. ET. Economists expect the U.S. to have added more than 100,000 jobs in June for the fourth month in a row, marking the longest such streak since early 2024.
Futures for the Nasdaq 100 are slipping and chip stocks Micron and Nvidia are down in premarket trading.
Losses were heavier in Seoul and Tokyo. Kioxia, a little-known memory-chip company that became Japan’s highest-valued company last month, also slid.
Oil prices, meanwhile, are extending their decline. Brent crude futures haven’t been this cheap since the week before the U.S. attacked Iran.
And the yen strengthened against the dollar today after sagging to a 40-year low earlier in the week. Traders are on alert for possible intervention by Japanese authorities to support the currency.
Write to Joe Wallace at joe.wallace@wsj.com