COM - Nasdaq S&P Dow futures tick up as attention turns to jobs

2023-04-04 06:37:39 ET

Stock index futures pointed to a rise at the open Tuesday with the broader market looking to make it five straight gains in a row.

Nasdaq 100 futures ( NDX:IND ) +0.7% , S&P futures ( SPX ) +0.5% and Dow futures ( INDU ) +0.3% were higher.

Oil ( CL1:COM ) ( CO1:COM ) continued to move up after Monday's jump, adding nearly 1% more.

"We had already expected the oil market to tighten over 2H23 and these cuts mean that the oil market will be even tighter for the remainder of the year," ING said. "As a result, we now expect oil prices to trade above US$100/bbl over the second half of the year."

The 10-year Treasury yield ( US10Y ) rose 2 basis points to 3.45%. The 2-year yield ( US2Y ) rose 1 basis point to 3.99%, falling below 4% in the previous session on the weakest ISM manufacturing print in three years.

Investors will get data on the labor market after the start of trading in a weird week where the March employment report will be released on Good Friday, which is a market holiday, but not a federal holiday.

This morning, the February JOLTS is expected to show a drop in job openings to 10.4M.

"The job vacancy number does not record job vacancies," UBS' Paul Donovan said. "It approximates externally advertised job vacancies. The churn in the US labor market (people hopping from company to company) has increased the number of external (reported) vacancies relative to the internal (unreported) vacancies. Online measures have indicated fewer job openings available."

Among active stocks, Virgin Orbit ( VORB ) tumbled as the company moved to file Chapter 11 .

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