US stock futures were relatively unchanged early Friday, as investors awaited the release of September’s jobs report, a key indicator that could shape the market’s direction.
Futures tied to the Dow Jones Industrial Average fell slightly by 7 points, or 0.02%, while S&P 500 and Nasdaq 100 futures hovered near the flatline.
This comes after Thursday’s market losses, where the Dow dropped 184.93 points (0.44%), the S&P 500 slipped 0.17%, and the Nasdaq Composite fell slightly by 0.04%. Market movements were also influenced by a spike in US oil futures, which surged about 5%, driven by geopolitical tensions in the Middle East following Iran’s missile strike on Israel.
In another significant development, the port strike that had disrupted US East and Gulf Coast operations came to an end Thursday night. The International Longshoremen’s Association and the United States Maritime Alliance reached a tentative wage agreement and extended their existing contract into January, providing additional time for further negotiations.
As investors focus on Friday’s highly anticipated employment data, expectations are that nonfarm payrolls will show an increase of 150,000 jobs, compared to 142,000 in August, with the unemployment rate predicted to hold steady at 4.2%. While this report is crucial, some market experts, such as Barbara Doran of BD8 Capital Partners, believe it may only significantly impact the market if it underperforms expectations.
The stock market has faced a challenging start to October, with rising oil prices and geopolitical uncertainties weighing on sentiment. All three major indexes are on track to snap a three-week win streak. The S&P 500 and Dow are both down 0.7% week-to-date, while the Nasdaq is down 1.1%.
