MARKET SNAPSHOT: U.S. Stock Futures In Holding Pattern Ahead Of Key Jobs Report
04 August 2017 - 12:04PM
Dow Jones News
By Sara Sjolin, MarketWatch
Dow Average on track to extend run of records
U.S. stock futures inched higher on Friday, with traders erring
on the side of caution ahead of the top-tier July jobs report that
could help steer expectations for the next Federal Reserve policy
move.
Futures for the Dow Jones Industrial Average gained 36 points,
or 0.2%, to 22,010, signaling another gain for the blue-chip gauge
at the open. The Dow logged an all-time closing high of 22,026.10
on Thursday
(http://www.marketwatch.com/story/dow-faces-struggle-to-hold-above-22000-but-tesla-tears-higher-2017-08-03),
meaning the index has notched 33 record closes in 2017.
See: Howard Gold's 3 reasons a stock-market correction is coming
(http://www.marketwatch.com/story/3-reasons-a-stock-market-correction-is-coming-in-late-summer-or-early-fall-2017-08-03)
S&P 500 index futures gained 2.05 points, or 0.1%, to
2,473.75, while those for the Nasdaq-100 index rose 8 points, or
0.1%, to 5,898.
Both the S&P and Nasdaq Composite Index closed slightly
lower on Thursday.
For the week, as of Thursday's close, the Dow average was set
for a 0.9% gain, the Nasdaq for a 0.5% drop, while the S&P was
flat on a weekly basis.
Jobs, jobs, jobs: The main focus on Friday is the closely
watched nonfarm-payrolls report for July, scheduled for release at
8:30 a.m. Eastern Time.
Economists expect 180,000 jobs to have been added to the U.S.
economy last month, while the unemployment rate is seen as falling
to 4.3% from 4.4%. Average hourly earnings are predicted to inch
up, showing growth of 0.3% compared with 0.2% in June.
Read:July jobs report likely to show plenty of new jobs but no
big wage gains for workers
(http://www.marketwatch.com/story/july-jobs-report-likely-to-show-plenty-of-new-jobs-but-no-big-wage-gains-for-workers-2017-08-03)
The report is seen as crucial for the Federal Reserve as it
decides whether to hike interest rates one more time this year or
to keep them on hold. After a string of lackluster economic
readings recently, investors are starting to doubt further monetary
tightening is on the cards in the short term. Those doubts have
helped send the dollar sharply lower.
"Today's NFP report might be a key turning point for the Fed and
the dollar, as nothing other than an impressive reading across all
of the report's components is needed to rekindle hopes for further
tightening in 2017," said Konstantinos Anthis, researcher at ADS
Securities.
The greenback eased against most major currencies ahead of the
jobs report
(http://www.marketwatch.com/story/dollar-hovers-around-15-month-low-looks-for-catalysts-in-july-jobs-data-2017-08-04).
The ICE Dollar Index slipped 0.1% to 92.741, trading around a
15-month low.
Meanwhile, the trade deficit for June is also on the data
docket, at 8:30 a.m. Eastern.
There are no Federal Reserve members scheduled to speak publicly
on Friday.
Stock movers: Shares of GoPro Inc.(GPRO) jumped 14% ahead of the
bell after the wearable video-camera maker's quarterly results and
outlook out late Thursday
(http://www.marketwatch.com/story/gopro-shares-jump-more-than-10-after-results-outlook-beat-street-estimates-2017-08-03)
beat Wall Street estimates.
Weight Watchers International Inc.(WTW) also beat forecasts
(http://www.marketwatch.com/story/weight-watchers-stock-rockets-toward-5-year-high-after-profit-and-sales-beat-raised-outlook-2017-08-03)
with its late Thursday earnings, sending shares 14% higher in
Friday's premarket action.
In earnings on Friday, Cigna Corp.'s(CI) profit came in well
ahead of forecasts, and the health care insurance company raised
its 2017 outlook.
Trivago NV(TRVG) is also on the earnings docket ahead of the
open, while Warren Buffett's Berkshire Hathaway Inc.(BRKA) (BRKA)
will report after the market close.
U.S.-listed shares of Royal Bank of Scotland Group PLC(RBS.LN)
gained 1.8% premarket after the U.K. bank posted its first
half-year profit in three years
(http://www.marketwatch.com/story/rbs-swings-to-profit-as-one-off-effect-fades-2017-08-04).
Other markets: Asian stock markets closed mixed
(http://www.marketwatch.com/story/asian-markets-mixed-as-investors-await-us-job-report-2017-08-03)
. European investors were also staying on the sidelines
(http://www.marketwatch.com/story/european-stocks-hold-steady-with-us-jobs-update-in-focus-2017-08-04),
with all major indexes making moves of less than 0.1%.
Oil prices slumped ahead of the weekly Baker Hughes
(http://www.marketwatch.com/story/crude-oil-loses-grip-of-49-a-barrel-ahead-of-us-rig-data-2017-08-04)
rig-count report. Metals, including gold , were higher across the
board.
(END) Dow Jones Newswires
August 04, 2017 06:49 ET (10:49 GMT)
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