Stock market today: Dow, S&P 500, Nasdaq futures mark time ahead of key jobs report, Supreme Court tariff decision
US stock futures were in a holding pattern on Friday as investors braced for the pivotal monthly jobs report and a possible Supreme Court ruling on President Trump’s “Liberation Day” tariffs.
Contracts on the Dow Jones Industrial Average (YM=F), the S&P 500 (ES=F), and the Nasdaq 100 (NQ=F) were all little changed, after closing mixed on Thursday as appetite for technology stocks ebbed.
Markets on Friday are focused on two potential catalysts: the December jobs report and the chance of a decision from the Supreme Court on the legality of Trump’s sweeping tariffs.
Always highly watched, the nonfarm payrolls report is in even tighter focus than usual after the federal shutdown-induced disruption that delayed the November print and canceled October’s. Investors are hoping the data helps make sense of a cooling labor market that has flashed mixed signals this week.
Economists expect payroll growth of about 70,000, with the unemployment rate ticking slightly lower to 4.5%, per a Bloomberg survey. The report will be key for the Federal Reserve’s policy path ahead, with less than three weeks to its next interest-rate decision.
Wall Street is also on alert for a tariffs ruling from the Supreme Court, which has set Friday as an opinion day. It’s the first chance for a decision on whether Trump acted properly by invoking a law meant for national emergencies when imposing global duties. Its findings carry huge implications for US economic strategy and could restructure global trade if the levies are found to be unlawful.
Meanwhile, markets are still assessing the impact of Trump’s push for the federal government to purchase $200 billion in mortgage-backed securities, in a bid to lower mortgage rates and address growing affordability concerns. Many details around that plan remain unclear.
All three major indexes are on pace to close the first full week of 2026 higher. The S&P 500 (^GSPC) is up nearly 1% so far this week, while the Dow (^DJI) and Nasdaq Composite (^IXIC) have gained about 1.8% and 1.1%, respectively.
LIVE 3 updates