Raine WarrenU.S. stock futures remained within a narrow range on Friday as investors eagerly awaited the release of a significant report on the state of the job market.
Market Overview
- Dow Jones Industrial Average futures (YM00) rose 5 points, or 0%, to 33309.
- S&P 500 futures (ES00) gained 2 points, or 0.1%, to reach 4293.
- Nasdaq 100 futures (NQ00) increased by 23 points, or 0.2%, reaching 14885.
Previous Day's Performance
On Thursday, the Dow Jones Industrial Average (DJIA) fell by 10 points, equivalent to a drop of 0.03% to settle at 33120. The S&P 500 (SPX) experienced a decline of 6 points, or 0.13%, closing at 4258. The Nasdaq Composite (COMP) dropped by 16 points, or 0.12%, to reach 13220.
Anticipation for Jobs Report
Scheduled for release at 8:30 a.m. Eastern, the crucial U.S. jobs report for September holds significant weight as it will be the determining factor in the Federal Reserve's next interest-rate decision. Forecasts anticipate a rise of 170,000 in payrolls and an unemployment rate of 3.7%.
Henry Allen, a strategist at Deutsche Bank, emphasizes the importance of the jobs report in determining the likelihood of another rate hike this year. The current probability stands at 38% this morning.
Stock Market Volatility
Throughout the week, the stock market experienced fluctuation due to labor market data. It initially plummeted following a surprising increase in job openings but then rebounded when ADP reported slowed payrolls. However, it faced another setback after a discouraging reading on jobless claims.
Impact of Exxon Mobil's Potential Deal
In addition to the jobs report, a report in the Wall Street Journal indicated that Exxon Mobil (XOM) is nearing a $60 billion deal to acquire shale driller Pioneer Natural Resources (PXD). This news may have an influence on energy stocks on Friday.
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