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 experienced minimal change on Thursday night as traders waited for the release of the July jobs report. The S&P 500 gained 0.04%, while Dow Jones Industrial Average futures dropped 17 points, or 0.03%. Nasdaq 100 futures increased by 0.3%. In Asia, Japan's Nikkei 225 rose above 0.20%, and the Topix gained 0.29%. The Kospi opened higher, gaining 0.89%, whereas the small-cap Kosdaq rose 0.6%.
Australia's S&P/ASX 200 shed 0.45%. In extended U.S. trading, Airbnb shares surged 9% following the company's strong financial performance, with a beat on both the top and bottom lines. Cloudflare also saw a significant rise of 16% after issuing positive outlooks for the full year and current quarter. Wall Street concluded a losing session due to a surge in oil prices, which negatively impacted equities.
The Dow declined over 460 points, or 0.9%, marking the end of a five-day winning streak. The S&P 500 slipped by 0.2%, and the Nasdaq Composite declined by 0.1%. Despite the pullback, market outlook remains optimistic for many Wall Street analysts. Investors anticipate a breakthrough in the Strait of Hormuz deal, potentially lowering oil prices and inflation expectations.
Tech stocks have outperformed, with semiconductors rallying this week, following last month's shift away from momentum trading. Strong earnings contribute to the recent confidence, as Tom Lee, head of research at Fundstrat Global Advisors, predicts a potential rally to 7,900 to 8,000 this month. As traders await the jobs report on Friday, they will focus on wage growth and labor force participation.
Stocks were expected to continue their second straight week of gains, with the Nasdaq potentially achieving its best weekly performance since May, driven by a resurgence in chip stocks. Asian markets opened broadly higher on Friday, with China trade data expected later in the day. Japan's Nikkei 225 climbed over 0.20%, and the Topix increased by 0.29%.
The Kospi opened at a higher level, and the Kosdaq also gained 0.6%. Despite higher oil prices due to Iran's draft plan restricting the Strait of Hormuz, Asia-Pacific markets were set to open mixed.
Written by urgent.news from CNBC's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
