Stock Market Today: Dow futures dip ahead of September jobs report
How are stock-index futures trading:
S&P 500 futures increased 0.08%
Dow Jones Industrial Average futures fell 0.02%
Nasdaq 100 futures increased 0.17%
On Thursday, the Dow Jones Industrial Average fell 184.93 points, or 0.44%, to 42,011.6, as the S&P 500 fell 9.6 points, or 0.17%, to 5,699.9, and the Nasdaq 100 fell 9.24 points, or 0.05%, to 19,793.3.
Stock futures dipped on Friday as investors braced themselves for publication of the September nonfarm payrolls report. It is expected the U.S. jobs report will have a major impact on the Federal Reserve’s decision making at the central bank’s upcoming rate cutting meeting in November.
The S&P 500 index has previously reacted sharply to similar jobs reports, by dropping by more than 1.7% on the day of publication of each of the last two nonfarm payroll reports. Economists polled by the Wall Street Journal expect the report will show the the U.S. unemployment rate steady at 4.2% and the addition of 150,000 new jobs
Markets were also concerned about heightened tensions in the Middle East in the wake of Iran’s missile strikes on Israel. President Joe Biden’s suggestion the U.S. is currently “discussing” whether it would support Israeli air strikes on Iranian oil facilities, in turn, drove a 5.03% surge in Brent crude prices, in what marked their sharpest daily increase since last October.
European Union member states will on Friday also vote on European Commission plans to impose new tariffs on Chinese made electric vehicles. If approved, the vote could see retaliatory measures imposed by Beijing that could have a major impact on sales of European cars in China.