US stock futures climbed on Friday as investors waited for the pivotal monthly jobs report to confirm or contradict the softness shown in this week’s labor data, with an interest-rate cut now seen as all but certain.
S&P 500 futures (ES=F) were up 0.2%, coming off a fresh all-time closing high for the broad stock benchmark. Contracts on the Dow Jones Industrial Average (YM=F) leant slightly higher, while those on the tech-heavy Nasdaq 100 (NQ=F) led gains, up 0.4%.
The final countdown to the August jobs report from the Bureau of Labor Statistics is on, with the data due at 8:30 a.m. ET. The report is expected to confirm recent signs the labor market is cooling and unemployment has ticked up.
Wall Street is now almost certain that a rate cut is coming at the Federal Reserve’s September meeting, with traders pricing in a 99% chance of a reduction. If the August jobs report extends a recent run of weak labor data, however, it could reshape how deep or how fast the Fed cuts rates.
On Thursday, stocks rose as a rise in jobless claims and slowing private sector jobs growth amped up anticipation for the August jobs figures.
Meanwhile, President Trump’s pick for Fed governor, Stephen Miran, said at a Senate hearing that he didn’t plan on withdrawing from his White House role even if he is confirmed to the central bank. Trump also kept up pressure on Fed governor Lisa Cook as well as an FTC commissioner in his quest to oust both officials.
On the trade front, while the Supreme Court considers hearing a case that could invalidate most of Trump’s tariffs, the president signed an order Thursday implementing the US trade deal with Japan. The pact sets 15% tariffs on imports from the country.
Read more: The latest on Trump’s tariffs
After the market close, Lululemon (LULU) stock dived after the apparel retailer slashed forecasts, citing waning demand and tariff woes. Broadcom (AVGO) shares drifted up as its earnings showcased soaring AI chip demand.
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