U.S. stock futures were flat Friday morning as investors awaited a key August jobs report that will provide more information on the state of the economy and could determine the pace of future Fed rate hikes.
Dow Jones Industrial Average futures rose 155 points. S&P 500 and Nasdaq 100 futures both rose 0.6%.
The Dow and S&P 500 closed higher in the previous session to start September, ending a four-day losing streak. The Nasdaq Composite slid, posting its first five-day losing streak since February, weighed down by losses in semiconductor stocks.
All three major averages are set to close the week lower and are on track for a third straight weekly decline after plunging in the final days of August. Stocks were dragged down by hawkish comments from Fed officials suggesting that rate hikes won’t go away anytime soon. Now, traders are watching to see if stocks will retest June’s lows, especially since September has historically been a bad month for markets.
“The half-day rally before we have jobs data tomorrow may just be because people don’t want to be as short-lived as the past few days,” Brian Kelly, founder of BKCM LLC, said on CNBC. “Quick money.”
Shares of retailer Lululemon rose nearly 10% in premarket trading after reporting quarterly results that beat Wall Street expectations.