Dow futures turn lower as U.S. jobs report looms large
Investing.com — U.S. stock futures turned lower on Friday, as investors focused in on the all-important November jobs report.
By 07:28 ET (12:28 GMT), the Dow futures contract had dipped by 0.1%, S&P 500 futures had fallen by 0.2%, and Nasdaq 100 Futures had declined by 0.3%.
On Thursday, the Dow Jones Industrial Average advanced by 0.2% and the S&P 500 rose by 0.8%, both breaking three-day losing streaks. The Nasdaq Composite also saw a significant increase, jumping by 1.4%. For the week, the Dow is now projected to shed approximately 0.4% and the S&P 500 is headed for a 0.2% decline, while the Nasdaq has managed to claw back into the green.
Economists estimate that U.S. employers added 180,000 roles in November, increasing slightly from 150,000 in the prior month. Average hourly earnings, a key gauge of wage growth, are seen rising at a pace of 0.3% versus October, accelerating marginally from a previous reading of 0.2%. The unemployment rate in the world's largest economy, meanwhile, is expected to come in at 3.9%, matching October's level.
The figures will cap off a week of data releases which have indicated that an unprecedented series of interest rate hikes by the Fed may be working to soften labor demand. Job openings touched an over 2-1/2-year low and fewer workers resigned from their positions in October, while private employers added less roles than anticipated last month.
Cooling the labor market has been a major focus of the Fed's move to lift borrowing costs to their highest mark in more than two decades. In theory, a slowdown in demand for workers could alleviate some upward pressure on wages and, by extension, help achieve the Fed's ultimate objective: defusing elevated inflation.
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