Investing.com — U.S. stock futures traded largely unchanged Friday, with investors warily awaiting the release of the crucial official jobs report which could guide the extent of the Federal Reserve’s rate cutting this year.
By 05:55 ET (09:55 GMT), the contract was down 10 points, or 0.1%, while traded 8 points, or 0.1%, higher and climbed 48 points, or 0.2%.
The main indices ended with losses Thursday, with the blue chip dropping 185 points, or 0.4%, while the broad-based fell 0.2% and the tech heavy just slipped into negative territory.
All three major averages are on pace to snap a three-week win streak.
The volatile situation in the Middle East has weighed on risk sentiment this week, and investors are watching for fresh developments given Israel has vowed retribution for the aerial bombardment from Iran earlier in the week.
Nonfarm payrolls loom large
However, Friday’s main focus is the release of the key report later in the session, which is likely to provide further clues about the likely size of the next Federal Reserve rate cut.
The Labor Department is set to release the October nonfarm payrolls report just before the open, with economists expecting the US economy to have added 147,000 jobs, while the is seen remaining at 4.2%.
Weaker than expected data could revive fears over the prospect of a recession, but so far this week the data – , and the weekly – have pointed to a reasonably healthy labor market, which have reduced expectations that the US central bank will follow last month’s 50 basis-point hike with another outsized move.
EU to adopt tariffs on China-made EVs
In the corporate sector, the EV sector is likely to be in the spotlight after the European Union on Friday voted to adopt definitive tariffs on China-made battery electric vehicles.
The decision comes after months of deliberations, with the EU first announcing plans for higher tariffs on Chinese electric vehicle imports in June.
Elsewhere, the strike by US dockworkers looks set to end after their union and the group representing large ocean shipping firms reached an agreement, which is expected to result in a wage hike of roughly 62% over six years.
Crude on track for hefty weekly gains
Oil prices rose Friday, on course for their largest weekly gain in over a year on the increased risk of a growing conflict in the Middle East.
By 05:55 ET, the Brent contract gained 0.9% to $78.30 per barrel, while futures (WTI) traded 1% higher at $74.42 a barrel.
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