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Oct 5, 2018

Before the bell: Futures decline ahead of jobs report I CNBC


Alexandra Gibbs


U.S. stock index futures came under pressure ahead of Friday's open.
Around 5:55 a.m. ET, Dow futures fell 23 points, indicating a lower open of -13.48 points. Futures on the S&P 500 were indicating a slightly lower open of -1.01 points, while Nasdaq futures signaled a downbeat open of -20.25 points.
U.S. futures were seen extending the losses posted in the previous session, and on the back of negative sentiment overseas on Friday.
Traders work on the floor of the New York Stock Exchange
Getty Images
Traders work on the floor of the New York Stock Exchange
Investors continued to show signs of jitteriness Friday, as rising interest rates weighed on sentiment. On Thursday, the yield on the 10-year Treasury note notched its highest level in over seven years, following positive economic data released this week. Comments from Federal Reserve Chair Jerome Powell also pushed yields higher.
On Wednesday, Powell said that the Fed had a long way to go before interest rates would hit neutral, suggesting to markets that more hikes could be coming.
On Friday, treasury yields continued to tick higher, ahead of the 8:30 a.m. ET release of the employment situation report for September. Investors will pore over the nonfarm payrolls, average hourly wages and unemployment rate, to try and gauge how the U.S. economy is performing. Economists polled by Reuters are expecting a rise of 185,000 jobs in September; August saw a rise of 201,000.
Elsewhere in data, the International Trade in Goods and Services figures are due at 8:30 a.m. ET, followed by consumer credit at 3 p.m. ET.
Looking to the U.S. central bank, Atlanta Fed President Raphael Bostic will attend the CEE's 57th Annual Financial Literacy and Economic Education conference in Atlanta, while Dallas Fed President Robert Kaplan is set to make an appearance at a community luncheon in Waco, Texas.
No major earnings are due.