Traders work on the floor of the New York Stock Exchange.
New York Stock Exchange
S&P 500 futures were little changed as investors prepared for Friday's closely watched jobs report.
Futures tied to the broad index were little changed, while futures for the Nasdaq 100 index rose 0.1%. Futures tied to the Dow Jones Industrial Average lost 19 points, or 0.05%.
The moves come as traders prepare for closely watched labor data due out Friday morning. Economists surveyed by Dow Jones expect 200,000 new jobs in June and the unemployment rate to hold steady at 4%. They also expect hourly earnings to rise 0.3% from May for a 3.9% annual gain.
The report comes as traders mull the latest economic data suggesting a slowing economy – and what that means for the Federal Reserve's monetary policy decisions going forward.
ADP figures released Wednesday showed private payrolls grew less than expected in June, while weekly jobless claims came in higher than economists had forecast. In addition, the Institute for Supply Management’s services sector reading unexpectedly pointed to a contraction.
“Friday’s payrolls report should help illustrate the underlying strength of the labor market,” said Quincy Krosby, chief global strategist at LPL Financial. “Given further evidence of a slowing economy… the payrolls report could be increasingly crucial for the Fed as it seeks to find a justification for signaling interest rate easing.”
The three major indexes are set to end the holiday-shortened trading week higher. Nasdaq Composite And Standard & Poor's 500 Crude oil prices rose more than 2.5% and 1.4% during the week, respectively. Both closed at all-time highs and set new records during the day on Wednesday.
the Dow Oil prices fell this week, adding about 0.5%. Markets were closed on Thursday for Independence Day.
