Dow futures point to an 80-point drop ahead of key monthly jobs report

U.S. stock index futures indicated a lower open on Friday morning as investors awaited the release of the latest monthly U.S. jobs report.

Around 7 a.m. ET, Dow Jones Industrial Average futures indicated a drop of about 80 points at the open. S&P 500 and Nasdaq 100 futures traded slightly lower as well.

Nonfarm payrolls data will be published at 8:30 a.m. ET, alongside new unemployment data and average hourly wage numbers. Economists polled by Dow Jones expected the U.S. economy to have added 145,000 jobs last month.


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Investors awaited the data as they searched for clues on whether the Federal Reserve will cut rates later this month. Expectations for the Fed to cut rates by 25 basis points are at 87%, according to the CME Group’s FedWatch tool.

Wall Street will also be watching speeches by Federal Reserve officials later in the day, including Boston Fed President Eric Rosengren.

Rate-cut expectations surged on Thursday following the release of disappointing data on the U.S. services sector. The increasing hope of lower Fed rates led to a sharp rebound on Wall Street as the Dow recovered from a 335-point deficit to close higher.

Source: cnbc.com | Original Link

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