U.S. stock futures edged lower Friday ahead of the pivotal jobs report, with investors also weighing a profit warning at a leading microchip maker.
What’s happening On Thursday, the Dow Jones Industrial Average DJIA fell 347 points, or 1.15%, to 29927, the S&P 500 SPX declined 39 points, or 1.02%, to 3745, and the Nasdaq Composite COMP dropped 75 points, or 0.68%, to 11073.What’s happening On Thursday, the Dow Jones Industrial Average DJIA fell 347 points, or 1.15%, to 29927, the S&P 500 SPX declined 39 points, or 1.02%, to 3745, and the Nasdaq Composite COMP dropped 75 points, or 0.68%, to 11073.
Fed Gov. Christopher Waller late on Thursday said he doesn’t expect the jobs report to change anyone’s thinking at the central bank. “A jobs number [around 260,000] along with the job openings rate reported on Tuesday would show that the labor market is slowing a bit but is still quite tight. As a result, I don’t expect tomorrow’s jobs report to alter my view that we should be focused 100% on reducing inflation,” he said.
Of course, it’s in the Fed’s interest not to signal a pivot until it’s ready to make one, given its belief that keeping financial conditions tight will help to reduce inflation. New York Fed President John Williams will have the opportunity to comment on the data when he speaks at 10 a.m. Besides the jobs report, investors will weigh a profit warning from microchip maker AMD AMD , which said the PC market weakened significantly during the quarter. AMD shares fell 5% in premarket trade, and rivals including Nvidia NVDA and Intel INTC also were lower.
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