Stock Market Eyes Jobs Report, Apple Cuts Jobs, Oil Prices Jump: Nasdaq 100 Futures Up Ahead of Key Data
U.S. stock futures edged higher on Friday as investors awaited the release of the crucial monthly jobs report, a key indicator for the Federal Reserve's interest rate decisions.
Key Takeaways:
- Jobs Report in Focus: Today’s main event is the U.S. nonfarm payrolls report, expected to show job growth of 212,000 in March, down from the previous month. A strong report could push back expectations of a rate cut by the Fed in June.
- Apple Announces Layoffs: Tech giant Apple announced job cuts impacting over 600 workers in California, its first major layoffs since the pandemic. The news comes amidst a challenging year for Apple, with its stock price down and legal woes related to app store dominance.
- Treasury Secretary Yellen Visits China: U.S. Treasury Secretary Janet Yellen is in China for a five-day visit aimed at easing tensions and discussing trade issues.
- Oil Prices Rise on Middle East Tensions: Oil prices climbed to their highest level in five months due to concerns about potential supply disruptions arising from escalating tensions between Iran and Israel.
Nasdaq 100 Futures Up:
- The Nasdaq 100 futures, which track the tech-heavy Nasdaq 100 index, rose by 0.4% ahead of the jobs report. Other major indices also saw slight gains in pre-market trading.
- This comes despite a volatile week for the markets, with the Nasdaq 100 currently on track for its worst weekly performance since March 2023. Looking at the bigger picture, the index remains up an impressive 38.12% over the past year, reflecting a strong overall performance despite recent short-term fluctuations.
- The 52-week range of 12,800.00 – 18,709.00 highlights this growth, showcasing the index’s climb to new highs in 2024.
Market Recap from Yesterday:
The major Wall Street indices closed significantly lower on Thursday after a Federal Reserve official signaled a potential delay in interest rate cuts. The Dow Jones Industrial Average saw its biggest daily drop in over a year.
What to Watch Today:
- Nonfarm Payrolls Report: The release of the U.S. jobs report is the most anticipated event today. A strong report could impact the Fed’s decision on interest rates and influence the stock market.
Apple Layoffs: Investors will be watching how the market reacts to Apple’s job cuts and potential impact on the company’s future performance.
Oil Prices: Oil prices will be monitored as tensions in the Middle East continue, potentially leading to further price fluctuations. - Apple Layoffs: Investors will be watching how the market reacts to Apple’s job cuts and potential impact on the company’s future performance.
- Oil Prices: Oil prices will be monitored as tensions in the Middle East continue, potentially leading to further price fluctuations.
Overall, today’s market sentiment is cautious as investors await the jobs report. The data could significantly influence the Fed’s monetary policy decisions and impact stock prices.
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