Stock futures remained mostly flat on Thursday morning as Wall Street aimed to recover after a turbulent early September. Expectations are high for upcoming labor market data this week. Futures for the S&P 500 dipped by less than 0.1%, while Nasdaq 100 futures decreased by 0.11%, and Dow Jones Industrial Average futures edged down by 16 points, or less than 0.1%.
This follows Wednesday’s session where the S&P 500 and Nasdaq Composite both recorded losses for the second consecutive day, declining by 0.16% and 0.30%, respectively. The Dow, however, managed a modest gain of 38 points, or 0.09%. All three major indices are experiencing a weekly downturn, with significant employment reports on the horizon.
Investors are keenly awaiting weekly jobless claims data on Thursday, followed by the August nonfarm payrolls report on Friday. Recent market sensitivity to potential growth concerns, such as Tuesday’s sell-off triggered by disappointing manufacturing data, underscores the importance of the labor market statistics.
BMO Wealth Management Chief Investment Officer Yung-Yu Ma emphasized the significance of jobless claims as a forward-looking indicator on CNBC’s “Closing Bell.” He argued that stable jobless claims suggest sustained consumer confidence and spending. “As long as those numbers stay low, if we get some blips in the overall monthly jobs report that shows weakness on the edges, we’re not quite as concerned,” Ma said.
The employment data will also influence the Federal Reserve’s interest rate decisions later this month. Ma maintains that the U.S. economy is on a path for a “soft landing” and expects the market rally to widen eventually. However, he cautioned that near-term market volatility is likely. “We believe in it, we just think it’s going to be on pause for a few months because this high degree of uncertainty we have right now,” Ma remarked. “It’s just very hard for the broadening-of-the-market theme to really gather momentum.”
Original Story https://www.cnbc.com/2024/09/04/stock-market-today-live-updates.html
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