Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

U.S. Stock Futures Search for Direction Ahead of Jobs Market Data

Published 07/10/2022, 11:42
Updated 07/10/2022, 11:42
© Reuters

© Reuters

By Scott Kanowsky

Investing.com -- U.S. stock futures were mixed on Friday, as traders mulled the release of the latest American labor market report, which is expected to factor heavily into the Federal Reserve's upcoming monetary policy path.

At 06:14 ET (10:14 GMT), Nasdaq 100 Futures edged down by 0.30%, dragged lower by a slump in chipmakers after Advanced Micro Devices (NASDAQ:AMD) Inc posted third-quarter sales that missed estimates.

The Dow Futures contract was up 0.14%, while S&P 500 Futures fell marginally by 0.05%.

Wall Street indices previously ended a whipsaw session lower on Thursday as rising yields weighed. The yield on benchmark 10-year U.S. government debt extended the climb on Friday, and is on track for a tenth straight week of increases.

The much-anticipated U.S. nonfarm payrolls data, due out later today, will be a key focus for investors. Continued signs of strength in the jobs market may give the central bank enough space to keep raising interest rates over a longer period of time as it looks to cool red-hot inflation.

Traders are currently pricing in a nearly 73% chance that the Fed will raise rates by 75 basis points at its next meeting, according to CME's FedWatch tool. The central bank has already signaled that U.S. borrowing costs will end the year above 4%, pointing to more pressure on risk-driven assets.

Meanwhile, oil prices gained as markets eyed the release of the nonfarm payroll numbers and are on track to deliver strong weekly gains after the OPEC+ oil group agreed to deeply slash output by two million barrels per day in the coming months.

London-traded Brent Oil Futures climbed 0.96% to $95.33 a barrel, while West Texas Intermediate crude futures increased by 0.90% to $89.35 per barrel. Prices have rallied for four straight sessions, recovering sharply from eight-month lows hit earlier as markets positioned for much tighter supply conditions this year.

Additionally, gold futures moved down by 0.31% to $1,715.45/oz, while EUR/USD exchanged hands at $0.9802.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.