Friday October 6th

6-10-2017

US stock futures slip after disappointing jobs report

U.S. stock index futures pointed to a slightly weak open Friday, after the latest jobs report disappointed Wall Street. Dow Jones industrial average and S&P 500 futures fell 20 points and 3.25 points, respectively, while Nasdaq 100 futures declined 7.75 points. The Bureau of Labor Statistics said the U.S. lost 33,000 jobs last month, marking the first contraction in the labor market since 2010. Economists polled by Reuters expected a gain of 90,000 jobs. Sticking with data, wholesale trade will come out at 10 a.m. ET while consumer credit will be released at 3 p.m. ET. Equities have had a banner week, with the S&P posting its sixth consecutive record close on Thursday. That streak is the index's longest since 1997. The Dow and Nasdaq composite also posted highs. The small-caps Russell 2000 has also hit all-time highs this week. "We've seen this reflation trade and that's correlated with tax reform," said Jeff Zipper, managing director of investments at the Private Client Reserve of U.S. Bank. "We're also seeing this synchronized move higher, not just globally but also domestically." On the final trading day of the week, a number of members from the U.S. Federal Reserve are set to deliver remarks Friday. Atlanta Fed President Raphael Bostic and Dallas Fed President Robert Kaplan will be the latest individuals to speak in Austin at the Investing in America's Workforce Capstone conference. On the commodities front, oil prices came under pressure during early trade, with traders showing signs of concern as another tropical storm appeared to be making its way to the Gulf of Mexico. At 7:46 a.m. ET, U.S. crude traded around $50.27 per barrel, while Brent hovered around $56.75. Overseas, European stocks were trading in a mixed range during morning market trade, while markets in Asia closed on a positive note. In Japan, the Nikkei 225 closed up 62.15 points, or 0.3 percent, at 20,690.71, while the Topix index advanced 4.67 points, or 0.28 percent, to 1,687.16. Hong Kong's Hang Seng index was up 0.22 percent in afternoon trade, after the market returned to trade following a public holiday on Thursday. Markets in China and South Korea remained shut for public holidays. In the previous session, U.S. stocks hit record highs, with the S&P 500 having posted its first eight-day winning streak since 2013. Gold declined near a two-month low on Friday after hotly anticipated U.S. payrolls data, staying on track for a fourth straight weekly loss as the dollar rose to its highest in more than seven weeks. Spot gold was down 0.27 percent $1,264.22 an ounce. U.S. gold futures for December were down $2.70 an ounce at $1,270.50. The metal has retreated nearly 1 percent this week.