US futures steady as countdown to jobs data begins: Stock market news today

Last updated: 2023/10/05 at 11:59 AM

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Wall Street stocks were little changed ahead of the bell on Thursday, coming off a day of gains amid a bond rout reprieve, with the focus now turning to Friday’s key labor market data.

Futures on the Dow Jones Industrial Average (^DJI) slipped 0.2%, or almost 70 points, after breaking a three-day losing streak on Wednesday as the major stock indexes recovered from a sell-off. S&P 500 (^GSPC) futures were down around 0.1%, while those on tech-heavy Nasdaq 100 (^NDX) were broadly flat.

A pullback in bond yields’ blistering rally brought some relief to battered stocks, and the 10-year Treasury yield (^TNX) was stable on Thursday after losing hold of 16-year highs.

Investors are preparing for Friday’s payrolls data for September, after weaker-than-expected ADP private-sector hiring data provided another sign the labor market is cooling. That could prompt the Fed to think twice about raising borrowing costs again, lifting some pressure on markets.

Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards

But some analysts believe the monthly report could be bad for stocks, whether the print is cool or hot, given the recent surge in bond yields.

While they’re waiting, investors will get readings on US weekly jobless claims and Challenger job cuts for September on Thursday.

Meanwhile, oil prices continued to retreat on Thursday, amid concerns that a global economic slowdown will hit demand. WTI crude oil futures (CL=F) fell 1.7% to move below $84, having fallen by the most since last September the previous day. Brent crude futures (BZ=F) were down 1.6% after breaking below $84 for the first time since late August.

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Stock futures slip as market braces for US jobs report

Wall Street’s major stock indexes were poised for losses on Thursday, as a retreat in the blistering bond yield rally gave space for attention to turn to Friday’s US monthly payrolls data.

Futures on the S&P 500 (^GSPC) fell 0.19%, while those on the Dow Jones Industrial Average (^DJI) dropped 0.23%, or 77 points. Contracts on the tech-heavy Nasdaq 100 shed 0.11%.