Futures hold steady ahead of September jobs data

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(Businesshala) – US stock index futures were largely flat on Friday ahead of September jobs data that is likely to see the Federal Reserve withdraw its policy support later this year.

An expert trader works inside a booth on the floor of the New York Stock Exchange (NYSE) on October 6, 2021 in New York City, US. Businesshala/Brendan McDermid

Wall Street rallied on Thursday led by mega-cap technology stocks as the US Senate approved legislation to temporarily raise the federal government’s $28.4 trillion debt limit, averting the risk of a historic default this month. Gave.

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Uncertainty over debt ceiling talks and a rise in US Treasury yields on increased inflation were major concerns among investors, injecting volatility into equity markets this week.

Still, better-than-expected private jobs data and weekly jobless claims reports reinforced positive views about the economic recovery, setting three major US indices for weekly gains.

The Labor Department’s closely watched non-farm payrolls report, due out at 8:30 a.m. ET, will show an increase in hiring by 500,000 jobs in September as the heat wave of COVID-19 infections began to ease, prompting the Fed to cut its Monthly bond purchases had begun to roll back. .

“All roads lead to non-farm payroll data, which will decide in the market’s mind whether the start of the Fed tapers into a deal for December,” said Jeffrey Haley, senior market analyst at OANDA.

“I don’t believe the Fed tapers into the price of markets and its effects are on any major scale yet. Even a weak number probably only delays the inevitable for another month.”

High-growth stocks Apple Inc., Google-parent Alphabet, Amazon.com Inc and Tesla slipped in premarket trading after sharp gains in the previous session.

Energy firms including Chevron Corp and Exxon Mobil Corp gained about 0.8% and 0.8%, tracking crude oil prices, while major US lenders also gained, as the benchmark 10-year yield since June 4 rallied. reached its highest level. [US/][O/R]

At 06:29 a.m. ET, the Dow E-Minis were up 45 points, or 0.13%, the S&P 500 E-Minis were up 3.25 points, or 0.07%, and the Nasdaq 100 E-Minis were down 2.75 points, or 0.02%.

Reporting by Devik Jain in Bengaluru; Editing by Maju Samuel


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