Traders work on the New York Stock Exchange trading floor during early trading on February 29, 2024 in New York City.
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Futures linked to the Dow Jones Industrial Average The index was little changed late Thursday following its worst trading day in more than a year. Investors are also awaiting key labor data due on Friday morning.
Dow Jones futures were up just 8 points, trading slightly above flat. S&P 500 Index Futures and Nasdaq 100 Futures Each rose about 0.1%.
The moves follow a sell-off on Wall Street during Thursday’s trading session.this Dow Chemical It plummeted by about 530 points, or 1.35%, which was the largest single-day decline since March 2023 and the fourth consecutive day of decline.
this S&P 500 Index and Nasdaq Index fell 1.23% and 1.4% respectively. All three major stock indexes fell in the afternoon as crude oil prices rose and Minneapolis Fed President Nir Kashkari questioned whether interest rates should be cut amid high inflation.
The Dow Jones led the three major stock indexes lower this week, falling 3%, marking its worst weekly performance since March 2023. As of Thursday’s close, the S&P 500 and Nasdaq were both down around 2%. The moves mark a pullback after a strong first quarter ended last week, leading some market participants to wonder whether a correction is necessary after a sharp rally.
“After strong returns in the first quarter, there may be some consolidation in the stock market in the short term,” said Terry Sandven, chief equity strategist at U.S. Bancorp Wealth Management. “A modest pullback would be a normal ebb and flow in an uptrending market.” Within the ebb.”
Investors will be focused on the all-important jobs data due on Friday morning. Economists surveyed by Dow Jones expect nonfarm payrolls to increase by 200,000 jobs in March and the unemployment rate to fall to 3.8%.
Average hourly wages, another closely watched indicator, are expected to increase by 0.3% month-on-month and 4.1% year-on-year.
“Markets remain highly sensitive to any sign that the data-reliant Fed may need to taper its rate-cutting cycle this year,” Quincy Krosby, global chief strategist at LPL Financial, said, citing Kashkari’s comments on Thursday. “So , the wage report will provide important inflation-related data, particularly on the pace of wage growth.”
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