Stocks Mixed Ahead of Jobs Report, Tech’s Lag Continues, Bitcoin Dip Deepens—and What Else Is Happening in the Stock Market Today

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Friday’s key jobs report has the potential to turn investor sentiment in either direction.

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Angela Weiss / AFP via Getty Images

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Stocks were rising on Friday as investors turned their attention to a major US jobs report later in the day, which has the potential to turn sentiment on a turbulent weekend in the market.

Futures for the Dow Jones Industrial Average indicated an open 50 points, or 0.1% higher, with the index falling 170 points to close at 36,236 on Thursday. The S&P 500 was similarly on track to start higher. Futures for the Nasdaq — which has taken a beating this week amid the tech stock route — signaled an open just above flat to see other major indexes continue to underperform.

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FTSE 100 of Overseas, London

British traders’ waters rose 0.1% ahead of the US data release, while Hong Kong’s Hang Seng index rose 1.8% amid optimism among investors that China would prioritize a stable economy.

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After a turbulent week of trading that has hit tech stocks hardest, all eyes will be on Friday’s US jobs report, which includes key non-farm payrolls figures. Around 422,000 jobs are expected to be added in December, and numbers well above or far below estimates have the potential to change sentiment.

“To run Fed risk-on, or risk-off, we are likely to need numbers under 250k or more than 550k,” said Jeffrey Haley, an analyst at broker Oanda.

In commodities, crude oil continued to rise as a threat to production from Libya and Kazakhstan-backed price turmoil. Futures contracts for the international oil benchmark Brent were up 1% near $83 a barrel, while US futures for West Texas Intermediate crude were similarly close to $80.50. Brent started the week with $78.

“Oil price action is bullish, as it overtook a series of seemingly bearish news over the past 48 hours. With domestic protests disrupting local production, the news turned the other way overnight ,” said Hailey.

The cryptocurrency continued to lag, carrying forward losses from the decline this week. Bitcoin,
The leading digital asset was down 0.5%, below $42,500, according to data from coindesk, started the week around $47,000. Shorter peer Ether is down 2%, staying above $3,200, falling above $3,800 on Monday.

Write to Jack Denton at [email protected]

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