U.S. stock futures ticked down Friday after investors looked to regain more ground from this week’s sell-off. S&P 500 futures slipped 0.3%, while Nasdaq-100 futures dropped 0.5%. Futures tied to the Dow Jones Industrial Average pulled back 80 points, or 0.2%. Paramount Global climbed more than 6% after posting adjusted earnings that trounced estimates and announcing it’s cutting 15% of its U.S. workforce. E.l.f. Beauty slipped about 9% after posting cautious guidance. Stocks rebounded during Thursday’s regular trading after plunging earlier in the week, as the latest weekly jobless claims number helped alleviate investors’ concerns about the strength of the labor market and state of the U.S. economy. The S&P 500 advanced 2.3% to end Thursday, posting its best session since November 2022, while the 30-stock Dow surged roughly 683 points, or nearly 1.8%. The tech-heavy Nasdaq Composite added 2.87%. Investors have been attempting to revive the market’s momentum this year after Monday’s steep global sell-off, which was sparked by last Friday’s disappointing U.S. payrolls data, concerns about the Federal Reserve’s rate-cutting timeline and the unwinding of the Japanese yen carry trade. Investors seem to have bought the dip, deeming the pullback to be a fairly healthy correction. “The fundamental backdrop remains favorable for stocks to trend higher, particularly for investors with time horizons that extend to year-end and beyond,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. “Near term, heightened levels of volatility are likely to be more the norm versus the exception, as broad-market valuations remain elevated and seasonality trends suggest tempered returns during the ‘dog days of summer.’” Even as the major averages surged on Thursday, they remain down on a week-to-date basis. The S&P 500 is off 0.5% this week, while the Nasdaq and the Dow are down roughly 0.7%. Both the broad-market S&P 500 and the Nasdaq are on pace for their fourth losing week. U.S. Treasury yields were lower Friday as investors continued to assess the state of the U.S. economy after labor data buoyed sentiment. The yield on the 10-year Treasury was around 5 basis points lower at 3.951% at 7:07 a.m. ET, nonetheless holding near the level it was at last week before a weak U.S. jobs report helped trigger a run of global market volatility. The yield on the 2-year note was down more than 1 basis point on the day at 4.03%. Asia-Pacific markets closed higher on Friday, tracking gains on Wall Street after new labor market data boosted investor confidence in the U.S. economy and eased recession concerns following a sharp market sell-off earlier in the week. Australia’s S&P/ASX 200 rose 1.25% to close at 7,777.7. Japan’s Nikkei 225 added 0.56% to close at 35,025, while the broad-based Topix traded 0.88% higher to end at 2,483.3. South Korea’s Kospi gained 1.24% to close at 2,588.43, while the small-cap Kosdaq jumped 2.57% to close at 764.43. Hong Kong Hang Seng index rose 1.42%. Mainland China’s CSI 300 slid 0.34% to close at 3,331.63. Earlier this week, global equities and currencies plunged after U.S. employment data renewed recession fears and investors started to unwind their yen “carry trades.” U.S. crude oil is on pace for a more than 4% gain for the week as stocks rebounded from Monday’s sell-off and the risk of wider war in the Middle East that could disrupt production and transportation looms over the market. The S&P 500 jumped 2.3% Thursday, its best session since November 2022, after tumbling to start the week due to fears the economy might slide into recession. West Texas Intermediate September contract: $76.72 per barrel, up 53 cents, or 0.7%. Year to date, U.S. oil has gained 7%. Brent October contract: $79.64 per barrel, up 53 cents, or 0.7%. Year to date, the global benchmark is ahead 3.3%. Gold prices eased on Friday as the latest jobs data eased concerns on U.S. recession, with prices set for a weekly decline after a global sell-off earlier in the week led to big losses in bullion, while traders awaited further clues on U.S. rate cuts. Spot gold was down 0.1% to $2,424.03 per ounce, as of 1000 GMT. U.S. gold futures was unchanged at $2,463.10. Bullion was on track for its biggest weekly decline since June 7. Prices fell as much as 3% on Monday after investors liquidated positions in tandem with a broader equities sell-off.
Roodeweg 222, Willemstad, Curaçao