S&P, Dow and Nasdaq futures jostle ahead of key July jobs data
Stock market futures see little movement early on as all eyes wait for the highly anticipated July employment data to be released before the opening bell.
S&P 500 futures contracts (SPX) are -0.1%while the Dow futures contracts (UNDUE) have won 0.1%and Nasdaq 100 futures contracts (NDX:IND) refused 0.2%.
July nonfarm payrolls data is expected to hit the market at 8:30 a.m. ET, with the consensus figure indicating that July’s U.S. payroll is expected to reach 250,000, which would be lower than the 372,000 figure from previous months. In addition, the unemployment rate is expected to remain at 3.6%
Bank of America stressed, “Our indicators show that current labor market conditions remain well above past expansionary peaks, consistent with a historically tight labor market. That said, they also show that labor market dynamics have slowed sharply over the past year as the economy recovered from the pandemic. Labor market conditions tend to weaken when momentum is below average for an extended period.
Yields tipped higher early in the day as the 10-year US Treasury yield (US10Y) rose two basis points to 2.70% and the 2-year US Treasury yield (US2Y) rose three basis points to 3.06%.
Among active stocks, shares of DraftKings (DKNG) jumped as the company announced a 56% increase in second-quarter revenue and raised its revenue outlook for fiscal 2022.