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Equity futures flatten ahead of major unemployment reports

US stock index futures changed little during Thursday’s night trading, prior to Friday’s long-awaited job report.

Futures contracts related to the Dow Jones Industrial Average fell 24 points. S & P 500 futures and Nasdaq 100 futures were flat.

Out of stock Thursday session on the green, S & P 500 rose 0.6% to set a new record. The Dow rose 271.58 points, or 0.78%. The Nasdaq Composite also rose 0.78% in four consecutive positive sessions.

All eyes are on Friday Job Report, Shows how the workforce marked in July progressed. Dow Jones estimates that economists added 845,000 jobs to the economy last month. However, a wide range of targets, from low-end 350,000 to top 1.2 million, show uncertainty currently on the market.

Brad McMillan, Chief Investment Officer of the Commonwealth Financial Network, said this year’s monthly measurements range from 233,000 in January to 850,000 in June. He said that less than 300,000 printed matter could be a source of concern, and readings between 300,000 and 400,000 indicate a “moderately healthy” economy.

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“Better results will be in line with the second quarter average, about 500,000 to 600,000. This is the economy, while the recovery continues and medical and labor problems are hampering further acceleration. Shows that there is still enough momentum. We are moving forward at a reasonable rate. “

The Friday report shows the first billing count for each week reported on Thursday. 385,000, It was in line with expectations.

Wall Street is closely watching Friday’s employment report as it may affect future Federal Reserve policy.

“While monetary policy uncertainty is likely to cause further attacks of volatility, we believe the Fed’s tapering move is unlikely to drive an equity rally reversal,” said a UBS strategist. ..

“The slump in the labor market, well-fixed inflation expectations, and the risks of the Delta COVID-19 variant are unlikely to raise interest rates before 2023,” the company added.

Friday continues to be a busy week of earnings, with some notable reports including: Canopy growth, AMC Networks, Draft Kings, Norwegian Cruise Line When Goodyear tires.. In addition, Berkshire Hathaway is on the deck on Saturday morning.

By Thursday afternoon, 427 S & P 500 components had quarterly results, with 88% exceeding revenue estimates, according to Refinitiv data. When it comes to revenue, 87% is better than expected.

The Dow is up 0.4% this week. S & P and Nasdaq are up 0.77% and 1.5%, respectively.

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Equity futures flatten ahead of major unemployment reports

Source link Equity futures flatten ahead of major unemployment reports

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