XOM - S&P 500 Nasdaq Futures Climb Ahead Of Key Jobs Data: Analyst Says Stepping In Before Earnings 'Bit Of A Catching A Falling Knife' | Benzinga
U.S. stocks look set to open higher in the final session of the trading week after a recovery attempt fell flat on Thursday. The September jobs report is likely to be the front and center as traders wait to make sense of the data’s implication for near-term monetary policy. An M&A rumor in the energy space could offer support to stocks in the sector, although a third straight session of losses for oil could keep sentiment in check.
The focus now shifts to the unfolding earnings season and the strength of corporate profit growth, which has in the past single-handedly lent support to the market. Pre-announcements from companies, therefore, assume importance.
Cues From Thursday's Trading:
Thursday, the major indices closed slightly lower, but well off the lows of the session, as traders moved to the sidelines ahead of the monthly non-farm payrolls report. The averages opened slightly lower but fell sharply till late-morning trading as jobless claims data and the Challenger monthly job cut report affirmed the tightness in the labor market.
Buying set in as traders took advantage of the oversold levels but the momentum was not strong enough to take the averages past the flat line. The beaten-down small-cap stocks, however, sneaked above the unchanged line by late afternoon trading.
Consumer staple and material stocks were among the worst decliners of the session, while some defensive and technology stocks gained some ground.
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