Investors on the fence ahead of all-important U.S. jobs data, with stock futures flat, while bond yields rise and energy prices also creep higher.
U.S. stock futures struggled on Friday, as investors awaited for all-important nonfarm payrolls data, with rising bond yields and energy prices also in the spotlight.
What’s driving the market? Washington avoided an unprecedented federal default after the Senate voted late Thursday to raise the government’s debt ceiling into December. The reprieve is temporary as lawmakers must head back to the bargaining table before the end of the year. Economists expect the U.S. added 500,000 new jobs, more than double the gains from a disappointing August, when data is released at 8:30 a.m. Eastern Time. Such a rise is expected to keep the Fed on a path to announce in November plans to scale back pandemic stimulus.
“That index hasn’t managed to trade above its 21-day moving average since mid-September, while the S&P 500 index is trading on its 21-day moving average near 4390 after attempting to surge above it yesterday,” said Jakobsen.
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