MDB - Nasdaq S&P Dow futures rise on debt limit vote yields steady ahead of jobs data
2023-06-02 06:24:11 ET
Stock index futures were higher Friday following the debt ceiling bill crossing the finish line. But sentiment could still turn quickly with the jobs report due.
S&P futures ( SPX ) +0.4% , Dow futures ( INDU ) +0.4% and Nasdaq 100 future ( NDX:IND ) +0.5% were higher.
The Senate passed the debt ceiling bill late Thursday 63-36 with President Joe Biden expected to sign it into law today.
"With US politicians temporarily behaving like grown-ups, economists can turn their minds to the real economy," UBS chief economist Paul Donovan wrote.
The 10-year Treasury yield ( US10Y ) rose 1 basis point to 3.61%. The 2-year yield ( US2Y ) rose 1 basis point to 4.35%.
Economists expect the economy added 180K jobs in May, with the unemployment rate ticking up to 3.5%.
"The expectation is that nonfarm payrolls growth will slow in May," Donovan said. "In fact, the more important point is not really visible in today’s numbers - people are less inclined to go job hopping nowadays, and a more stable workforce is what matters economically. Unemployment should remain subdued, supporting job security which limits the downside risks for consumption."
"Today’s US employment report means once again economists must reiterate the critical mantra - average hourly earnings are not wages. They are also very definitely not wage costs for companies."
Among active stocks, MongoDB ( MDB ) was surging after a strong Q1 .
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Nasdaq, S&P, Dow futures rise on debt limit vote, yields steady ahead of jobs data