Futures steady with key jobs report ahead - what's moving markets

investing.com:

Investing.com -- U.S. stock futures hold firm as traders gear up for a crucial monthly jobs report that could add clarity to the outlook for Federal Reserve policy decisions over the rest of 2023. Elsewhere, San Francisco Fed President Mary Daly suggests that a recent spike in bond yields may diminish the need for the central bank to further hike borrowing costs this year, while ExxonMobil (NYSE:XOM) is reportedly in negotiations over a blockbuster takeover of Texas shale group Pioneer.

1. Futures steady ahead of jobs report

U.S. stock futures held steady around the flatline on Friday ahead of the release of the all-important September jobs report.

At 04:49 ET (08:49 GMT), the Dow futures contract, S&P 500 futures, and Nasdaq 100 futures were broadly unchanged.

The main indices on Wall Street ended the prior session in the red, with the 30-stock Dow Jones Industrial Average losing 10 points or 0.03%, the benchmark S&P 500 falling by 6 points or 0.1%, and the tech-heavy Nasdaq Composite slipping by 16 points or 0.1%. However, stocks closed well off their lowest levels for the day, buoyed in part by an easing in a recent spike in U.S. Treasury yields.

Investors were also digesting first-time jobless claims data on Thursday that hinted at a lingering resilience in U.S. labor market conditions — a prospect that could bolster the argument for the Federal Reserve to hike interest rates again in 2023 and keep borrowing costs higher for a longer period of time.

2. NFPs loom large

Traders are hoping the jobs market picture will become clearer with the publication of the Labor Department's ever-crucial nonfarm payrolls report at 08:30 ET on Friday.

Economists expect that the U.S. economy added 170,000 roles in September, down