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US stock futures edged up in Friday’s premarket.
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Traders are eyeing the March non-farm payrolls report, set to be released at 8.30 a.m. ET.
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The latest jobs numbers could help shape the Federal Reserve’s stance on interest rates.
Stocks looked set to rise at Friday’s opening bell, as investors waited for key jobs numbers that could affect the Federal Reserve’s stance on interest rates.
S&P 500 and Nasdaq 100 futures were up 0.3% shortly after 5 a.m. ET, putting the indexes on pace to claw back some losses after they posted sharp declines on Thursday.
Meanwhile, Brent crude oil prices held steady at more than $90 a barrel, having breached that level for the first time since October on Thursday after members of the OPEC+ cartel said they’d keep supply unchanged.
March non-farm payrolls data, which is set to be released at 8.30 a.m. ET, is likely to drive the day for markets.
Economists polled by Reuters expect the economy to have added 200,000 jobs last month, down from 275,000 hirings in February. They also forecast that the unemployment rate will hold steady at 3.9%.
Signs of weakness in the US labor market could boost the market by giving the Fed more cause to cut interest rates. It’s still a toss-up as to whether the central bank will start slashing borrowing costs in June, according to the CME Fedwatch tool.
“Jobs data later today will provide a clearer picture for how the Fed might be thinking,” AJ Bell investment director Russ Mould said. “It will be looking for a Goldilocks scenario where the temperature has to be just right on non-farm payrolls and unemployment figures.”
“If the jobs data is too hot it could spook markets as the Fed might feel under pressure to keep rates as they are. Too cold and it will see the market fret about a hard landing for the economy,” he added.
Read the original article on Business Insider