By Traders work on the floor of the New York Stock Exchange during afternoon trading on Sept. 5, 2024.
Michael M. Santiago | Getty Images
S&P 500 futures fell on 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 0.6%. Dow Jones Industrial Average futures dropped 140 points, or 0.4%. Nasdaq 100 futures slid 1%.
Broadcom slid nearly 9% after forecasting fiscal fourth-quarter revenue just shy of analysts’ estimates.
The August jobs report is set for release at 8:30 a.m. ET. 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%. The report is expected to inform the Federal Reserve’s next monetary policy decision later this month.
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.
Stocks head into Friday’s report on track for a losing week. The S&P 500 and Nasdaq are so far lower by 2.6% and 3.3%, respectively. The 30-stock Dow is down 1.9% this week.
“September is living up to its reputation as a historically bad month for stocks. … The sudden change in momentum and jump in volatility has left many investors questioning the sustainability of the recovery from the August lows and if the rebound was simply a relief rally off oversold levels,” LPL Financial chief technical strategist Adam Turnquist said.
