U.S. stock futures were higher on Friday morning after the major averages fell for a fourth dayand investors were eagerly awaiting the October jobs report for clues about the pace of future Federal Reserve rate hikes.
Dow Jones Industrial Average futures gained 111 points, or 0.35%. S&P 500 futures rose 0.52%, while Nasdaq 100-linked futures added 0.82%.
Investors absorbed a series of corporate earnings reports in extended trades. Mobile payment stock To block jumped 13% after beating expectations on the top and bottom lines of its third quarter results. Shares of carvana fell more than 9% after the company posted a bigger-than-expected loss and missed sales expectations.
During Thursday’s regular session, the Dow Jones Industrial Average slipped 146.51 points, or about 0.5%. The S&P 500 lost almost 1.1%, while the Nasdaq Composite lost 1.7%. Investors weighed the Fed’s latest 0.75 percentage point rate hike, as well as comments from Chairman Jerome Powell that suggested a pivot could be further away than traders expected.
The October Nonfarm Payrolls Report Friday will give investors additional clues about the state of the economy and how much work the central bank has ahead of it to bring down inflation. Economists polled by Dow Jones expect 205,000 jobs to have been added last month and predict the jobless rate to hold steady at 3.5%.
“They’re trying to crush the demand, which makes the number of jobs tomorrow extremely important, because if you get a good number of jobs in terms of things that haven’t deteriorated on the employment front, it really makes the job difficult for [the central bank] much more,” Guy Adami of the Private Advisor Group said on CNBC’s “Fast Money” on Thursday.
Investors are also awaiting a third quarter report from AMC Networks before the bell on Friday.
All major averages are on track to end the week with losses. Through Thursday, the Dow is down 2.62% and should end four weeks of gains.
The S&P and Nasdaq are down 4.64% and 6.84%, respectively, on pace to break two-week winning streaks. The tech-heavy Nasdaq is poised for its worst weekly performance since January 2022.