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Stocks - US Futures Higher Ahead of Employment Report

Stock MarketsJun 05, 2020 07:02AM ET
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© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are set to open higher Friday, continuing the recent bullish rally ahead of the release of the official monthly employment report.

At 7 AM ET (1100 GMT), S&P 500 Futures traded 24 points, or 0.8%, higher, Nasdaq Futures up 32 points, or 0.3%. The Dow Futures contract rose 307 points, or 1.2%. 

The Dow Jones Industrial Average cash index posted its highest close Thursday since March 4, and is on a four-day winning streak. The S&P 500 index recorded its first down day in five on Thursday, while the Nasdaq 100 index notched up an intraday record high. The Nasdaq Composite, which is more closely watched than the Nasdaq 100, is just about 2% below its own record high, 

Stimulus measures to limit the economic damage from closures in the wake of the coronavirus-inspired social distancing measures have helped to support stock prices since the lows in March. The U.S. government has injected some $3 trillion in stimulus into the economy, while the Federal Reserve has drastically increased its balance sheet.

This positive tone could be tested by the release of the official employment report for May, at 8:30 AM ET (12:30 GMT). 

While Thursday’s weekly initial jobless claims release showed a continuing reduction of people claiming unemployment benefits for the first time, the continuing claims figure actually rose.

The unemployment rate for May is projected to rise to 19.8%, approaching levels last seen during the Great Depression, from 14.7% in April, while nonfarm payrolls are estimated to have dropped another 8 million in the month. 

In corporate news, Gap (NYSE:GPS) will be in the spotlight after the retailer reported a $1.2 billion operating loss during its first quarter as a result of store closures and lost sales during the coronavirus pandemic. Stock dropped 4% premarket.

Slack Technologies (NYSE:WORK) dropped over 12% after the messaging service said it had failed to register any acceleration in revenue growth in the last three months, despite the boom in remote working that has been a godsend to providers of collaborative technology.

Oil prices headed higher Friday, with the Organization of Petroleum Exporting Countries set to meet over the weekend to discuss an extension of production cuts.

U.S. crude prices rose 2.4% to $38.30 a barrel, while Brent Futures climbed 3.1% to $41.22.

Elsewhere, gold futures fell 1.1% to $1,708.70/oz, while EUR/USD traded at 1.1332 just off the three-month high that it hit overnight.

 

Stocks - US Futures Higher Ahead of Employment Report
 

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Comments (11)
Mein Ki
Mein Ki Jun 05, 2020 8:28AM ET
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is it true they were injecting 970,000 fake $ into the pool every second of time last week?
John Patrick
John Patrick Jun 05, 2020 8:27AM ET
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You could have 200M unemployed Americans, and If one person got a job stocks would 'Soar'
Paul Wu
Paul Wu Jun 05, 2020 8:24AM ET
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20% unemployment is good news I guess for Wall Street....they were "forecasting" 21%
Randall Wagner
Randall Wagner Jun 05, 2020 8:20AM ET
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You guys don't get it ..we intentionally reduced employment.
Jon Bal
Jon Bal Jun 05, 2020 8:17AM ET
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perhaps is the $1T increase in M0 last month rallying everything but currency.
bear put
bear put Jun 05, 2020 8:04AM ET
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god spit america. hellsdaq
John Patrick
John Patrick Jun 05, 2020 8:00AM ET
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Regardless of what the job report says there's still millions unemployed and as we've seen that doesn't seem to impact stocks unless they go up. Farce!
Joanna Yin
Joanna Yin Jun 05, 2020 7:44AM ET
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Data is not important in the manipulated market. Better than estimated, market is exciting with "hope", worse than estimated, market is exciting with FED pump.
perplexed76 .
perplexed76 . Jun 05, 2020 7:29AM ET
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well well next week they'll make new historic high basing on hopes
UTTAM PRAJAPATI
UTTAM PRAJAPATI Jun 05, 2020 7:25AM ET
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At gold is bullish or bearish
Matt Kay
Matt Kay Jun 05, 2020 7:25AM ET
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bear short term, bull longer term
Joanna Yin
Joanna Yin Jun 05, 2020 7:25AM ET
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Matt Kay short term~3 months? long-term~3 years
MRc هموطن
MRc هموطن Jun 05, 2020 7:25AM ET
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Williamsburg a une belle 5
 
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