S&P 500 futures are little changed as traders await big jobs report: Live updates
Wall Street is coming off a losing session as the July jobs report looms.
S&P 500 futures remained relatively unchanged on Thursday night as traders anticipated the July jobs report release. Dow Jones and Nasdaq 100 futures experienced slight losses. Airbnb shares skyrocketed by 9% due to a beat on both top and bottom lines. Cloudflare surged 16% after sharing a positive outlook for the current quarter.
Market sentiment has improved, with investors anticipating a deal to reopen the Strait of Hormuz, which could potentially lower oil prices and reduce inflation expectations. Tech stocks, particularly semiconductors, have been leading the market higher after a recent momentum trade correction. When the jobs report is released on Friday, analysts will focus on wage growth and labor force participation for insights into the labor market.
Despite Thursday's losses, the Nasdaq is on track for a weekly gain since May, thanks to a resurgence in chip stocks. Asian markets are set to open mixed, with the Strait of Hormuz draft plan published by Iran potentially impacting oil prices. Meanwhile, U.S. President Donald Trump expressed optimism about the end of the Iran war in the near future.
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