Nasdaq Futures Climb as Chipmakers Provide a Boost Ahead of Key U.S. Jobs Report

Nasdaq 100 E-Mini futures (+0.51%) rose this morning, propelled by gains in chip and AI-linked shares as investors eagerly await the upcoming U.S. jobs report for insight into the Federal Reserve's interest-rate trajectory. Chip and AI infrastructure stocks surged in pre-market trading due to lower bond yields easing valuation pressure.

Companies like Sandisk (SNDK) and Marvell Technology (MRVL) jumped over +2%, while Micron Technology (MU), Intel (INTC), and Advanced Micro Devices (AMD) surged more than +1%. Tesla (TSLA) saw a notable rise of over +5%, followed by Meta Platforms (META) with a gain of more than +3%.

Meanwhile, the price of WTI crude oil dropped on Friday but was poised for its biggest weekly gain since July, as renewed U.S.-Iran tensions raised concerns about potential disruptions to energy flows through the Strait of Hormuz. Longer-dated Treasuries advanced, with the 10-year U.S. Treasury note yield falling to 4.76%. On Wall Street, the Magnificent Seven stocks, including Tesla, Meta Platforms, and others, continued their upward momentum, while cryptocurrency-exposed stocks rallied as Bitcoin surged above $81,000.

Snowflake (SNOW) posted strong Q2 results and raised its full-year product revenue guidance, leading to a gain of over +16%.

However, chip designer Broadcom (AVGO) fell more than -2% after issuing soft guidance for the fourth quarter. Economically supportive data included a rise in U.S. nonfarm payrolls, which is expected to increase by 55K in August, in line with the average pace of job growth this year. The unemployment rate is also anticipated to remain steady at 4.1%.

Economists expect average hourly earnings to rise by +0.3% month-over-month and +3.0% year-over-year, while the yield on the benchmark 10-year U.S. Treasury note is currently at 4.76%, down -0.19%.