New York City – As traders eagerly await the unveiling of September’s job report on Friday, U.S. stock futures saw a relatively calm night on Thursday. Futures linked to the Dow Jones Industrial Average experienced a minor 0.1% decline, while S&P 500 futures and Nasdaq 100 futures remained relatively stable.
The anticipated release of the job report comes amidst the conclusion of a port strike on Thursday night, as the International Longshoremen’s Association and the United States Maritime Alliance reached a tentative agreement on wages. Additionally, the parties agreed to extend their current contract until January to allow for further negotiations.
The previous day saw losses in the major averages, with the Dow falling 0.44%, the S&P 500 sliding 0.17%, and the Nasdaq Composite ending 0.04% lower. This downward trend was partly influenced by a 5% increase in U.S. oil futures and heightened tensions in the Middle East following Iran’s missile attack on Israel.
Investors are now preparing for the upcoming release of the September payrolls report, which is expected to be a significant market catalyst. Economists foresee a growth of 150,000 nonfarm payrolls, slightly above the 142,000 reported in August, with the unemployment rate projected to remain at 4.2%.
Barbara Doran, founder of BD8 Capital Partners, emphasized the importance of the upcoming job report, suggesting that it may not heavily impact the market unless it falls below expectations. She expressed optimism regarding the report during an appearance on CNBC’s “Closing Bell: Overtime,” highlighting the geopolitical tensions contributing to a shaky start in October for the stock market.
With all three major averages set to break a three-week winning streak, the S&P 500 and the Dow are down 0.7% week-to-date, while the Nasdaq is expected to register a 1.1% loss over the same period. Geopolitical uncertainties loom as equities face the possibility of ending the week in the negative territory.