ZUMZ - Nasdaq S&P 500 Futures Teeter As Markets Brace For May Jobs Data Amid GameStop Frenzy: Why This Analyst Sees Bright Spot In Near Future | Benzinga
U.S. stocks are priming for a narrowly mixed start ahead of the all-important non-farm payrolls data, an important piece of economic evidence the Federal Open Market Committee would consider while deliberating on the Fed funds rate next week. The May consumer price inflation report is due only Tuesday just ahead of the rate decision.
Tamer-than-expected job numbers and benign average hourly earnings could give hopes for at least a dovish message from the central bank and a benign dot-plot curve. The futures market currently prices in a 97.7% probability of a pause decision next week. Meme stock volatility could also create some volatility in the market.
Futures Performance (+/-)
Nasdaq 100 +0.04%
S&P 500 -0.05%
Dow -0.02%
R2K -0.30%
In premarket trading on Friday, the SPDR S&P 500 ETF Trust (NYSE:SPY) edged down 0.06% to $534.32, while the Invesco QQQ ETF (NASDAQ:QQQ) traded up 0.03% at $463.50, according to Benzinga Pro data.
Cues From Previous Session:
Wall Street ended narrowly mixed as traders digested the previous session’s advance that took the S&P 500 and the Nasdaq Composite to record highs. Traders also exercised restraint ahead of the non-farm payroll data. The 30-stock Dow Jones Industrial Average ended modestly higher, while the Nasdaq Composite and the S&P 500 Index edged down.
Small-cap stocks underperformed despite a pick up in buying interest in meme stocks ...