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U.S. stock futures fell on Friday, on track for a ninth straight weekly win, as investors braced for key jobs data that could impact interest rate cut expectations.
Futures for the Dow Jones Industrial Average (^DJI) and S&P 500 (^GSPC) both fell about 0.2%. The tech-heavy Nasdaq 100 (^NDX) contract led the decline, falling 0.3%.
Stocks fell in the first week of 2024, a notable reversal from a strong rally fueled by expectations that the US Federal Reserve would soon begin monetary easing. But traders are scaling back bets on a rate cut in March as questions arise about whether policymakers are prepared to change policy.
read more: Impact of the Fed’s interest rate hike suspension on bank accounts, CDs, loans, and credit cards
All eyes are now on the upcoming December US employment report to see if there are any signs that the Federal Reserve has succeeded in achieving a “soft landing” in suppressing inflation without causing a major blow to the economy. Data released Thursday suggests the labor market remains strong, potentially increasing pressure on policymakers to cut interest rates. But while wage growth has slowed, consumers remain resilient.
Non-farm payrolls are expected to rise by 175,000 people in December, with the unemployment rate rising to 3.8% from the previous month. The Bureau of Labor Statistics report is scheduled to be released at 8:30 a.m. ET.
Against this backdrop, US Treasury yields continued to rise, with the 10-year Treasury yield (^TNX) rising 3.7 basis points to 4.04% after spiking on Thursday.
Elsewhere, iPhone supplier Foxconn (2354.TW) said it expects sales to decline in the first quarter due to slowing market demand. Apple (AAPL) stock fell in pre-market trading, with losses widening after two analysts downgraded the iPhone maker over concerns about sales of its next smartphone.
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