Home Editor's Picks Dow Futures Up 95 Pts; Massive Payroll Gain Expected

Dow Futures Up 95 Pts; Massive Payroll Gain Expected

imageStock Markets53 minutes ago (May 07, 2021 07:02AM ET)

(C) Reuters.

By Peter Nurse

Investing.com – U.S. stocks are seen edging higher at the open Friday, adding to the record highs of the previous session ahead of the highly anticipated April jobs report.

At 7:05 AM ET (1205 GMT), the Dow Futures contract was up 95 points, or 0.3%, S&P 500 Futures traded 10 points, or 0.2%, higher, and Nasdaq 100 Futures climbed 32 points, or 0.2%.

The blue-chip Dow Jones Industrial Average closed 0.9% higher Thursday, a new record high and on a four-day winning streak, while the S&P 500 was up 0.8% and the Nasdaq Composite ended up 0.4%.

Thursday’s gains came after a better than expected reading of the weekly jobless claims, and this puts the focus firmly on the more comprehensive nonfarm payrolls report, due at 8:30 AM ET (1230 GMT), for clues on the strength of the labor market and potentially the U.S. Federal Reserve’s stance on monetary policy.

The April U.S. employment report should show another solid month of job gains as the economy continues to recover from the pandemic, with economists predicting the addition of around one million jobs and the unemployment rate falling to 5.8% from 6%.

In the corporate sector, pipeline giant Energy Transfer (NYSE:ET) stock rose 5.2% premarket after the company announced it made a $2.4 billion gain from the Texas winter storm.

Peloton (NASDAQ:PTON) stock rose 6.7% premarket after the exercise bike company reported a small loss, with connected fitness subscriptions growing 135% in the quarter. The company added the recall of treadmills due to safety concerns would cost just $165 million in its fourth quarter.

Shake Shack (NYSE:SHAK) stock fell 8% premarket after the burger chain’s first-quarter revenue disappointed, a sign that restaurants without a significant online presence are still suffering as consumers stay away from city centers.

Beyond Meat (NASDAQ:BYND) will also be in the spotlight, with its stock down almost 7% premarket, after the plant-based meat maker reported a wider quarterly loss than expected, as higher freight costs and pandemic-related restaurant closures hit sales.

Earnings are also scheduled from health insurer Cigna (NYSE:CI), hydrogen fuel cell developer Plug Power (NASDAQ:PLUG) and sports betting operator DraftKings (NASDAQ:DKNG).

Oil prices edged lower Friday, as India posted a new record high of new cases of Covid-19, but are still heading for another weekly gain on growing confidence of a global economic recovery.

Later in the session, CFTC’s weekly report on commitments of traders and the Baker Hughes oil rig count are due.

U.S. crude futures traded 0.1% lower at $64.66 a barrel, while the Brent contract fell 0.1% to $68064. Both contracts are up more than 2% this week, heading for their first back-to-back weekly increases since early March.

Elsewhere, gold futures rose 0.3% to $1,821.35/oz, while EUR/USD traded 0.1% higher at 1.2074.

Dow Futures Up 95 Pts; Massive Payroll Gain Expected

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related News

Leave a Comment

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!