Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

U.S. Futures Becalmed as Market Waits for Key Jobs Number

Stock MarketsJul 02, 2021 07:01AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are seen opening marginally higher Friday, but firmly range-bound as the market awaits the closely-watched nonfarm payrolls report. 

At 7:05 AM ET (1105 GMT), the Dow Futures contract was up 10 points, less than 0.1%, S&P 500 Futures traded up 2 points or 0.1%, and Nasdaq 100 Futures climbed 30 points, or 0.2%.

The main equity indices all saw strong gains in the first half of the year as vaccinations allowed the economy to reopen against the backdrop of massive levels of monetary and fiscal stimulus.

This continued on Thursday, as the S&P 500 rose 0.5%, notching its sixth-straight record close and finishing above 4,300 for the first time. The Dow Jones Industrial Average gained 0.4% and the tech-heavy Nasdaq Composite rose 0.1%.

The main focus Friday will be on the nonfarm payrolls release, at 8:30 AM ET (1230 GMT), with the Federal Reserve looking for a significant recovery in the U.S. labor market before considering reining in its ultra-easy monetary policy. 

Expectations at the start of the week were for 700,000 jobs to have been filled last month, up from 559,000 in May. That said, both ADP and weekly initial claims were stronger than expected, so  expectations may have now risen.

In corporate news, Johnson & Johnson (NYSE:JNJ) will also be in the spotlight after the drugmaker reported that a new study indicated that its single-shot vaccine offered strong protection against the highly transmissible delta variant of the Covid-19 virus. 

Virgin Galactic (NYSE:SPCE) will also be in demand after the space travel company said it will launch founder Richard Branson and a full crew into space by July 11.

Crude oil prices edged lower Friday, but remained at very high levels after a meeting of top producers failed to agree on future production levels. 

By 7:05 AM ET, U.S. crude was down 0.1% at $75.17 a barrel, after climbing above $75 during the previous session for the first time since 2018, while Brent was down 0.2% at $75.71.

The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, has reconvened a meeting aimed at deciding the amount of oil to return to the market after the United Arab Emirates blocked a deal at the last minute on Thursday.

The group, known as OPEC+, appeared to have come to a preliminary agreement to boost output by 400,000 barrels a day each month from August to December before the UAE’s dramatic intervention.

Traders will also keep an eye on the Baker Hughes oil rig count, as well as the CFTC speculative positioning data later in the session.

U.S. Futures Becalmed as Market Waits for Key Jobs Number
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Ricardo Diogo
Rcd72 Jul 02, 2021 8:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
the only thing that deserves attention is to see when FED turns real on the galloping inflation!
Ricardo Diogo
Rcd72 Jul 02, 2021 8:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
maybe stagflation is not enough..they need recession and inflation... combined
Edward Chong
Edward Chong Jul 02, 2021 8:01AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
u are awesome. u reply yourself.
Jouni Matero
Jouni Jul 02, 2021 7:32AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
If data is bad they still find a way to twist it to be actually good, just like few last times
Oluwole Jammie
Oluwole Jammie Jul 02, 2021 7:32AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
that *****!
Pham Ngoc Tien
Pham Ngoc Tien Jul 02, 2021 7:32AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
yes, they try to push market up every day
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email