S&P 500 futures dip as traders gear up for big August jobs report
S&P 500 futures dipped Friday as investors look to Friday's key jobs report for further clues about the state of the U.S. economy.
Futures tied to the broad market index were down 0.26. Dow Jones Industrial Average futures inched up by 32 points, or 0.06%. Nasdaq 100 futures slid about 0.64%.
In after-hours trading, Broadcom slipped nearly 7% after forecasting fiscal fourth-quarter revenue just shy of analysts' estimates.
Those moves come after the S&P 500 and 30-stock Dow closed lower on Thursday. Investors' fears over the economy returned after August private payrolls grew by 99,000 ââ-š¬Ã¢â‚¬ the smallest gain since 2021 and sharply below the Dow Jones consensus estimate of 140,000 ââ-š¬Ã¢â‚¬ in the latest sign that the labor market is weakening.
All eyes are now on Friday's August nonfarm payrolls report, which is expected to inform the Federal Reserve's approach toward interest rates. Economists surveyed by Dow Jones are calling for nonfarm payrolls growth of 161,000 and a slight decline in the unemployment rate to 4.2%.
Despite concerns stemming from the recent labor data, markets remain optimistic that the Fed will begin lowering interest rates by at least a quarter-percentage point at the conclusion of the September policy meeting.
The three major U.S. indexes are down as the shortened trading week comes to a close. The broad market index and Nasdaq are so far lower by 2.6% and 3.3%, respectively. The 30-stock Dow is down 1.9% this week.
Source: CNBC
