Stocks moved higher as investors expect strong job growth ahead of the US economy’s Bureau of Labor Statistics due later this week.
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Stock futures in the United States rose ahead of the release of the latest employment data, which is anticipated to give insight into the labor market recovery and future monetary policy.
Futures on the S&P 500 rose 0.2 percent on Friday, indicating that the broad market index would recover losses after falling 0.1 percent in Thursday’s tumultuous session. Futures on the Dow Jones Industrial Average increased by 0.3 percent, while Nasdaq-100 futures remained unchanged.
Stocks fell this week as the Federal Reserve’s minutes reiterated the central bank’s commitment to reduce stimulus, and warned it would do so sooner and more quickly than originally expected owing to strong inflation. This week, the S&P 500 is down 1.5 percent, on pace to have its worst weekly performance since mid-December.
Markets are pricing in the likelihood of early interest rate hikes and the Fed decreasing its asset portfolio in the near future, which has led to a sell-off in government bonds. After four days of gains, the yield on the benchmark 10-year Treasury note settled at 1.728 percent on Friday, down from 1.733 percent on Thursday. Bond yields rise when bond prices fall.
“Everything that happened in markets this week was based on assumptions about how quickly the Fed would tighten policy,” said Fahad Kamal, chief investment officer at Kleinwort Hambros. “This is a year of transition, as we go from record policy support to genuine policy tightening.” As we find out how to function in this paradigm, there will be a lot of instability.”
Since the publication of the Federal Reserve’s policy meeting minutes, stocks have been under pressure.
BRENDAN MCDERMID/REUTERS/BRENDAN MCDERMID/REUTERS/BRENDAN MCDERMID/REUT
Stock of memes After The Wall Street Journal revealed that GameStop was going to join the cryptocurrency and nonfungible token markets, the stock jumped over 18% in premarket trading. AMC Entertainment, another favorite stock among individual investors, increased by 6.5 percent.
At 8:30 a.m. ET, the December jobs report will be released, featuring information on nonfarm payrolls, the unemployment rate, and average hourly wages. Although the polls were conducted before the recent dramatic increase of Covid-19 cases, economists predict that U.S. employers created employees at a quicker rate in December.
Officials from the Federal Reserve have said that the state of the labor market is a critical element in their monetary policy choices. Investors will carefully examine the data to determine whether it is consistent with the Fed’s intentions described in the minutes, as well as if wages are continuing to rise, implying more inflation.
“If the job market remains strong, it enhances the argument for hawks that the Fed has to act now and tighten policy,” said Sebastian Mackay, a multiasset fund manager at Invesco.
The price of oil has risen somewhat. Brent oil, the global standard, rose 0.7 percent to $82.54 per barrel, the highest level in almost eight weeks. According to experts at ING, oil production might be reduced as a result of cold weather in North Dakota and Alberta, Canada, as well as if demonstrations in major producer Kazakhstan disrupt output.
Protests in Kazakhstan, which began as a result of increased gasoline costs, have devolved into violence, forcing a Russian-led military alliance to deploy soldiers to the oil-rich nation. Demonstrators attacked government buildings and streets in various locations, as seen on video. Photo credit: Reuters/Mariya Gordeyeva
Bitcoin fell for the third day in a row, falling 3.7 percent from its position at 5 p.m. ET on Thursday. It was trading at $41,500, its lowest level since September.
Acuity Brands, a lighting business, and Greenbrier Companies, a transportation company, are expected to announce profits before the market opens.
The Stoxx Europe 600, a pan-European index, fell 0.1 percent overseas. Higher bond rates mean lenders may charge more interest on loans, thus bank stocks rose, with UBS up 2.7 percent and Deutsche Bank up 2.5 percent.
Government bond rates in Europe increased, with the 10-year German bund yield reaching minus 0.09 percent. If it rises over zero, it will be in the black for the first time since 2019.
Major stock indexes in Asia were mixed. The Shanghai Composite Index lost 0.2 percent, while the Hang Seng Index in Hong Kong surged 1.7 percent, with technology firms leading the way. Alibaba and JD.com, two of the world’s largest e-commerce companies, both gained 3.2 percent and 3.1 percent, respectively. The Kospi Index in South Korea increased by 1.2 percent, led by Samsung Electronics, which surged 1.8 percent after reporting a 52 percent rise in fourth-quarter operating profit.
Anna Hirtenstein can be reached at [email protected]
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The “june jobs report” will be released on Friday, and the stock market is expected to react positively. The futures for the Dow Jones Industrial Average are up ahead of the release of the jobs report.
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