US Stock Futures Mixed; All Eyes On Jobs Report

Pre-open movers

U.S. stock futures traded mixed in early pre-market trade on Friday after the Dow Jones dropped more than 300 points in the previous session. Investors are awaiting the nonfarm payrolls data for the month of September.

US jobs report for September is scheduled for release at 8:30 a.m. ET. Analysts expect a rise of 250,000 jobs in September compared with an increase of 315,000 jobs in August. Average hourly earnings are expected to rise 0.3% on the month in August, while unemployment rate is expected to remain at 3.7% last month. Data on wholesale inventories for September will be released at 10:00 a.m. ET, while data on consumer credit for August will be released at 3:00 p.m. ET.

Federal Reserve Bank of New York President John Williams is set to speak at 10:00 a.m. ET, while Federal Reserve Bank of Minneapolis President Neel Kashkari will speak at 11:00 a.m. ET. Federal Reserve Bank of Atlanta President Raphael Bostic is set to speak at 12:00 p.m. ET.

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Futures for the Dow Jones Industrial Average gained 71 points to 30,053.00 while the Standard & Poor’s 500 index futures rose 2.75 points to 3,759.50. Futures for the Nasdaq index fell 22.50 points to 11,519.25.

Commodities

Oil prices traded higher as Brent crude futures rose 0.6% to trade at $94.96 per barrel, while US WTI crude futures rose 0.6% to trade at $88.97 a barrel. The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.

Gold futures fell 0.1% to trade at $1,720.70 an ounce, while silver traded up 0.7% at $20.80 an ounce on Friday.

 

A Peek Into Global Markets

Europe Markets

European markets were mostly higher today. The STOXX Europe 600 Index rose 0.2%, London’s FTSE 100 rose 0.3% while Spain’s IBEX 35 Index fell 0.2%. The French CAC 40 Index rose 0.2%, while German DAX gained 0.1%.

France recorded a current account deficit of EUR 5.1 billion in August versus a EUR 5.3 billion gap in the prior month, while trade deficit increased to EUR 15.3 billion in August from revised EUR 14.8 billion in July. Labor productivity in the UK rose by 0.3% on quarter during the three months to June, while Halifax house price index rose 9.9% year-over-year in September. Industrial production in Germany declined 0.8% month-over-month in August, while retail sales fell 1.3% month-over-month in August. Import prices in Germany climbed by 32.7% year-over-year in August.

Asia-Pacific Markets

Asian markets traded mostly lower today. Japan’s Nikkei 225 fell 0.71%, while Hong Kong’s Hang Seng Index fell 1.51%. Australia’s S&P/ASX 200 fell 0.8%, while India’s BSE Sensex slipped 0.1%.

The index of coincident economic indicators in Japan rose to 101.7 in August from a final reading of 100.1 in the prior month, while index of leading economic indicators increased to 100.9 from 98.9. Household spending in Japan surged 5.1% year-over-year in August. Foreign exchange reserves in China fell by $26 billion to $3.029 trillion in September.

 

Broker Recommendation

RBC Capital downgraded Lyft, Inc. LYFT from Outperform to Sector Perform and lowered the price target from $30 to $16..

Lyft shares fell 2.6% to $13.35 in pre-market trading.

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Breaking News

 

• Taiwan Semiconductor Manufacturing Company Ltd TSM reported a September revenue growth of 36.4% year-on-year to NT$208.25 billion.
• Levi Strauss & Co LEVI reported upbeat earnings for its third quarter on Thursday, but lowered its full-year profit view
• Advanced Micro Devices, Inc. AMD lowered its sales guidance for the third quarter.
• Aehr Test Systems AEHR posted better-than-expected results for its first quarter on Thursday.

Check out other breaking news here