US stock futures steady ahead of September jobs data

A trader works on the floor of the New York Stock Exchange. — Reuters pic
A trader works on the floor of the New York Stock Exchange. — Reuters pic

NEW YORK, Oct 5 ― futures were flat today as Treasury yields hovered near multi-year highs ahead of jobs data that is expected to offer clues on future interest .

A surge in yields has weighed on , with the S&P 500 and the Nasdaq posting their worst day since late June yesterday.

Fears of accelerating , especially after a string of strong economic data and bullish views from Federal Reserve Chairman Jerome Powell, have dampened the appetite for stocks.

Data from the Labor Department is expected to show non-farm payrolls rose by 185,000 jobs in September after increasing 201,000 a month earlier. The report is due at 8.30am ET.

Average hourly earnings are forecast to have risen 0.3 per cent after gaining 0.4 per cent in August.

The fresh set of data is expected to keep the Fed on track to raise interest rates again in December and suggest the US ’s tightening cycle is unlikely to end any time soon.

At 7.34am ET, Dow e-minis were up 23 points, or 0.09 per cent. S&P 500 e-minis were up 1 points, or 0.03 per cent and Nasdaq 100 e-minis were down 5.25 points, or 0.07 per cent.

Among stocks, Tesla shares fell over 3 per cent in premarket trading after Chief Executive Officer Elon Musk stirred nerves about the settlement of his securities fraud lawsuit by mocking the US Securities and Exchange Commission on Twitter.

Generic drugmaker Mylan slipped 1.2 per cent after Mizuho downgraded the stock to “neutral” from “buy”.

Snap Inc rose about 5 per cent on a report that CEO Evan Spiegel has set a goal to achieve full-year profitability in 2019 and outlined a new set of strategic goals, citing a memo. ― Reuters

Source: The Malay Mail Online

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