LAC:CC - Futures Gallop Following Jobs Report
U.S. stock futures were little changed Friday as investors looked ahead to the December jobs report release. Strong jobs data in the previous session led to declines in the major averages as it pointed to further rate hikes ahead.
Futures for the Dow Jones Industrials jumped 317 points, or 1%, early Friday to 33,384.
Futures for the S&P 500 gathered 34 points, or 0.9%, to 3,867.
Futures for the NASDAQ Composite grabbed 81 points, or 0.8%, to 10.901.25.
Stocks are headed for losses in the first trading week of 2023. As of Thursday's close, the Dow is down 0.66% week to date, headed for its fourth down week in five. Meanwhile, the S&P 500 is down 0.8% and the NASDAQ has retreated 1.5%, on pace for their fifth straight week of losses.
The Dow on Thursday fell more than 300 points Thursday after the release of a stronger-than-expected ADP private payrolls report. This raised concern for higher Federal Reserve rates, which in turn stoked fears that the U.S. could fall into a recession soon.
In Japan, the Nikkei 225 rose 0.6% Friday, while in Hong Kong, the Hang Seng Index declined 0.3%.
Oil prices hiked $1.70 to $75.37 U.S. a barrel.
Gold prices took on $10.70 to $1,851.30 U.S. an ounce.