On the first day of trading in the new year on January 2, 2025, traders worked on the trading floor of the New York Stock Exchange (NYSE).
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U.S. stock futures fell late Thursday as investors anxiously awaited new economic data due on Friday.
S&P 500 Index Futures Shedding 0.5%, and Nasdaq 100 Futures The decline was even lower, down 0.6%. Futures linked to the Dow Jones Industrial Average down 0.3%.
The moves come as Wall Street prepares for December nonfarm payrolls data, due out at 8:30 a.m. ET on Friday. Economists polled by Dow Jones expected a gain of 155,000, down from 227,000 in November’s data. Additionally, the unemployment rate is expected to remain at 4.2%.
“If we get a strong report, which we expect it will be, we may find that the market doesn’t react much to it because it’s just another reason why the Fed may not cut rates this year,” Sand Hill Global Advisors chief investment officer Brenda Vingiello said Thursday on CNBC’s “Squawk Box.”
According to the Federal Reserve, the market does not expect the central bank to cut interest rates at its next meeting later this month, and federal funds futures trading data shows that the probability of a rate cut is only about 7%. CME FedWatch Tool.
Earlier this week, the Institute for Supply Management’s services index showed growth in the U.S. services sector accelerated in December and prices rose, adding to concerns about rising inflation. Separately, private companies added fewer jobs than expected last month, according to payroll services provider ADP.
All three major averages are on track for weekly losses, with S&P 500 Index 0.4% discount and Nasdaq Index down 0.7%. 30 stocks Dow Chemical This week is expected to drop 0.2%. The New York Stock Exchange was closed Thursday to observe a national day of mourning for former President Jimmy Carter.
Meanwhile, wildfires continue around Los Angeles, including the Palisades Fire, considered “one of the most destructive natural disasters” in the city’s history. Fire-related fear and uncertainty send stocks down Edison International It fell more than 10% during Wednesday’s trading session.
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