US STOCKS-S&P, Dow futures bounce after tech selloff, focus shifts to jobs report
The Labor Department’s report is expected to show 1.40 million U.S. jobs created last month, down from 1.76 million in July, as the government’s coronavirus aid ran out and companies from transportation to industrials announced layoffs or furloughs. The data, expected at 8:30 a.m. ET, could add pressure on the White House and Congress to restart stalled…
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* Futures: Dow 0.64%, S&P 0.44%, Nasdaq off 0.22%
Sept 4 (Reuters) – Futures tracking the S&P 500 and Dowindexes bounced on Friday after Wall Street’s worst sessionsince June, with attention turning to the crucial jobs reportthat is likely to show a faltering recovery in the labor market.
The Labor Department’s report is expected to show 1.40million U.S. jobs created last month, down from 1.76 million inJuly, as the government’s coronavirus aid ran out and companiesfrom transportation to industrials announced layoffs orfurloughs.
The data, expected at 8:30 a.m. ET (1230 GMT), could addpressure on the White House and Congress to restart stallednegotiations over the next coronavirus relief package.
After climbing to record highs on the back of historicstimulus and a rally in technology stocks, the benchmark S&P 500and tech-heavy Nasdaq suffered their worst day innearly three months on Friday as investors booked gains.
At 6:18 a.m. ET, Nasdaq 100 e-minis were down 26points, or 0.22%. Dow e-minis were up 181 points, or0.64%, and S&P 500 e-minis were up 15.25 points, or0.44%.
Apple Inc, Microsoft Inc, Amazon.com Incand Tesla Inc, which bore the brunt ofThursday’s losses, were flat to marginally lower in earlypremarket trading.
Shares of rate-sensitive bank stocks including Bank ofAmerica Corp, Citigroup Inc, JPMorgan Chase & Corose between 1.3% and 1.8% as the benchmark 10-yearyield bounced off of a near four-week low.(Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur)
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