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Stock futures edge slightly lower ahead of key jobs report

A trader walks on the floor of the New York Stock Exchange (NYSE) in New York, U.S., Monday, June 27, 2022.

Michael Nagle | Bloomberg | Getty Images

Stock futures fell in trading overnight after a rally on Wall Street as investors await a key jobs report on Friday.

Futures linked to the Dow Jones Industrial Average fell 37 points or 0.12% to 31,330.00. S&P 500 futures fell 0.17% and Nasdaq 100 futures fell 0.26%.

Shares of Levi Strauss gained more than 3% after the bell when the retailer reported quarterly earnings that beat expectations and increased its dividend.

GameStop fell about 5% in after-hours trading when the company fired its chief financial officer and said it would lay off employees as part of a turnaround plan. The stock posted a 15% gain in the regular session, a day after the video game retailer announced that its board had approved a 4-for-1 stock split.

Futures action followed a winning session on Thursday in which the S&P 500 posted a four-day positive streak, matching its longest of the year so far, according to Bespoke Investment Group. The index is now down about 19% from its all-time high in January.

Energy stocks led the gains in regular trading as the price of oil reversed after a recent decline. Exxon Mobil climbed nearly 3.2%, while Occidental Petroleum gained nearly 4%. Chipmakers boosted the tech sector after strong earnings from Samsung.

“You just don’t see the capitulation right now, I think there’s still a bit to do between now and the July Fed meeting,” said Mark Newton, head of technical strategy at Fundstrat, on CNBC’s “Closing Bell: Overtime.” Thursday. He added that stocks could pull back as early as Friday’s session.

The June jobs report due Friday is expected to show another month of strong hiring as the labor market thwarts any signs of an impending recession or economic slowdown. Economists expect the US economy to have added 250,000 jobs last month and the unemployment rate to remain stable at 3.6%, according to Dow Jones.

In May, employers added 390,000 jobs, which was better than economists expected.

The S&P 500 is up about 2% in this holiday-shortened week, and is on track for its second positive week in the past three.

The Dow Jones Industrial Average and the tech-heavy Nasdaq Composite rose 0.92% and 4.4% respectively this week. Both indices are also on track for their second positive week in the past three.

Stock futures edge slightly lower ahead of key jobs report

Source link Stock futures edge slightly lower ahead of key jobs report

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