Stock futures were mostly weak Friday morning as investors looked to the September jobs report for further clues on Fed tightening.
S&P 500 futures were little changed, while futures tied to the Nasdaq 100 fell 0.4%. Dow Jones Industrial Average futures rose 0.1%.
Shares of Advanced Micro Devices fell in overnight trading after the chipmaker warned its third-quarter revenue would be lower than expected. Shares of Levi Strauss slipped after cutting guidance.
The major indexes closed lower in Thursday’s trade but were on track for their best week since June 24 and were up about 4 percent. The Dow fell 346.93 points, or 1.15%, to 29,926.94, while the S&P 500 and Nasdaq Composite lost 1.02% and 0.68%, respectively, on Thursday.
All major S&P sectors except energy closed in negative territory. The sector rose 1.8% as oil prices rose and was on track to close the week up 14.7%.
Thursday’s decline came as investors remained nervous ahead of the September jobs report due on Friday. The findings could provide further certainty about the Fed’s tightening cycle, with a strong job market or an upside surprise suggesting the Fed may need to take a tougher stance to slow growth and dampen soaring prices. Economists polled by Dow Jones expected the data to show nonfarm payrolls rose by 275,000 and the unemployment rate would hover at 3.7%.
Guggenheim global chief investment officer Scott Minerd said on CNBC’s “Closing Bell: Overtime”: “The environment is ripe for a crisis, and if the Fed maintains tough communication, I think we are likely to There will be some problems in the financial markets.” “Thursday.
The pace of tightening is starting to create cracks in financial markets and could force the Fed to pivot in the coming weeks, Minerd said.
“All the signs are there,” he said. “I can’t tell you exactly what’s causing it, but the environment is ripe for when the Fed adjusts policy, they don’t pre-announce, they don’t sound the alarm.”