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US futures lower ahead of key jobs report
Nasdaq futures down 201.75 points (Il Sole 24 Ore Radiocor) - New York, 06 Sep - US futures were lower ahead of a critical jobs report that could change the outlook for interest rates.
Wall Street ended mainly lower yesterday putting the market on course for its worst week since April. The S&P 500 closed down 0.3% while the Dow slid 0.5%. The tech-heavy Nasdaq managed to squeeze outrecord a gain of 0.3%.
Today's nonfarm payrolls report comes hot on the heels of other jobs data this week pointing to a softening labor market.
With inflation cooling, investors have turned their attention to mounting uncertainty over jobs and economic growth.
Several Federal Reserve policymakers have pointed to the labor market as a major cause for concern, signalling a cut in interest rates might be appropriate to support employment.
Investors are currently discounting a 25 basis point cut at the central bank's next monetary policy meeting this month but some are betting on a bigger 50 bp cut to boost the economy.
Economists today expect nonfarm payrolls to show growth of 161,000 in August with a slight decline in the unemployment rate to 4.2%.
On the stocks front, shares in Broadcom were down 7.6% in premarket trade after the chip company gave disappointing revenue guidance while Smith & Wesson fell 7% as the gun manufacturer reported a quarterly loss. Chip giant Nvidia was down another 1% following recent losses as the tech sector remains under pressure.
Futures on the Dow Jones were down 151.00 points, or 0.37%, S&P 500 futures were down 34.00 points, or 0.62%, while futures on the Nasdaq were 201.75 points, or 1.06%, lower.
AAA-Sje
(RADIOCOR) 06-09-24 13:50:14 (0360) 5 NNNN