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Dow Futures Up 95 Pts; Massive Payroll Gain Expected

Stock MarketsMay 07, 2021 07:02AM ET
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© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are seen edging higher at the open Friday, adding to the record highs of the previous session ahead of the highly anticipated April jobs report.

At 7:05 AM ET (1205 GMT), the Dow Futures contract was up 95 points, or 0.3%, S&P 500 Futures traded 10 points, or 0.2%, higher, and Nasdaq 100 Futures climbed 32 points, or 0.2%.

The blue-chip Dow Jones Industrial Average closed 0.9% higher Thursday, a new record high and on a four-day winning streak, while the S&P 500 was up 0.8% and the Nasdaq Composite ended up 0.4%.

Thursday’s gains came after a better than expected reading of the weekly jobless claims, and this puts the focus firmly on the more comprehensive nonfarm payrolls report, due at 8:30 AM ET (1230 GMT), for clues on the strength of the labor market and potentially the U.S. Federal Reserve's stance on monetary policy. 

The April U.S. employment report should show another solid month of job gains as the economy continues to recover from the pandemic, with economists predicting the addition of around one million jobs and the unemployment rate falling to 5.8% from 6%.

In the corporate sector, pipeline giant Energy Transfer (NYSE:ET) stock rose 5.2% premarket after the company announced it made a $2.4 billion gain from the Texas winter storm.

Peloton (NASDAQ:PTON) stock rose 6.7% premarket after the exercise bike company reported a small loss, with connected fitness subscriptions growing 135% in the quarter. The company added the recall of treadmills due to safety concerns would cost just $165 million in its fourth quarter. 

Shake Shack (NYSE:SHAK) stock fell 8% premarket after the burger chain’s first-quarter revenue disappointed, a sign that restaurants without a significant online presence are still suffering as consumers stay away from city centers.

Beyond Meat (NASDAQ:BYND) will also be in the spotlight, with its stock down almost 7% premarket, after the plant-based meat maker reported a wider quarterly loss than expected, as higher freight costs and pandemic-related restaurant closures hit sales.

Earnings are also scheduled from health insurer Cigna (NYSE:CI), hydrogen fuel cell developer Plug Power (NASDAQ:PLUG) and sports betting operator DraftKings (NASDAQ:DKNG).

Oil prices edged lower Friday, as India posted a new record high of new cases of Covid-19, but are still heading for another weekly gain on growing confidence of a global economic recovery. 

Later in the session, CFTC’s weekly report on commitments of traders and the Baker Hughes oil rig count are due.

U.S. crude futures traded 0.1% lower at $64.66 a barrel, while the Brent contract fell 0.1% to $68064. Both contracts are up more than 2% this week, heading for their first back-to-back weekly increases since early March.

Elsewhere, gold futures rose 0.3% to $1,821.35/oz, while EUR/USD traded 0.1% higher at 1.2074.

 

Dow Futures Up 95 Pts; Massive Payroll Gain Expected
 

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Comments (5)
Adam Paine
Adam Paine May 10, 2021 12:51AM ET
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bad news=good news, good new=great news
Julio AXA
Julio AXA May 07, 2021 11:51AM ET
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QE = BIG CORRUPTION, STOCK MARKET = MONEY LAUNDRY THEY ARE TO MANIPULATION. BIG FRAUD
Adam Paine
Adam Paine May 07, 2021 11:51AM ET
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agreed, if you want to launder $, this is the best place to do it.
Mo BeeLee
MoBeeLee May 07, 2021 9:01AM ET
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The experts crystal ball broke. Only missed by 750k and unemployment rose to 6.1%. When government paying people more to stay home than they can make working, they stay home. What a catastrophe of the government's making.
Adam Paine
Adam Paine May 07, 2021 9:01AM ET
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QE is also a catastrophe. you can't justify buying corporate bonds and stopping stimulus. They both need to stop
John Klan
John Klan May 07, 2021 8:04AM ET
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Where I live factories can't get anyone to work because folks would rather stay home and draw $600 a week from the government. You know the middle class taxpayers who foot the bill.
igor bogdanoff
igor bogdanoff May 07, 2021 8:04AM ET
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Your taxes don't pay for anything going on right now.  If anything MMT is nearly in full effect and taxes are simply used to reduce inflation.
Dave Jones
Dave Jones May 07, 2021 7:34AM ET
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what are these jobs going to be? industrial? manufacturing? engineering? or just a bunch of gig economy jobs charging scooters up and delivering pizzas?
Randy Lahey
Randy Lahey May 07, 2021 7:34AM ET
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the latter.
Gabe Cret
Gabe Cret May 07, 2021 7:34AM ET
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Goverment jobs
rohit singh
rohit singh May 07, 2021 7:34AM ET
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gig economy, as always.
 
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