US Stock Index Futures Rise as Treasury Yields Retreat Ahead of Jobs Report
US stock index futures rose on Friday as Treasury yields retreated, driven by reduced odds of a rate increase this month. This move was accompanied by softer oil prices, which steadied investor sentiment ahead of a closely watched jobs report.
The European Union's discussion of additional diesel and crude stock releases led to Brent crude prices slipping below $100 a barrel. Despite this, the market remains cautious due to ongoing uncertainty surrounding the Middle East conflict.
Nvidia, Broadcom, and Advanced Micro Devices led the gains in chip stocks, each rising around 1-2% in premarket trading. Alphabet and Tesla also saw slight increases of nearly 1%. Nike, however, fell 10.7% after forecasting a steep drop in annual revenue due to weakness in China.
The market is highly anticipated for nonfarm payrolls data for September, which will be released at 8:30 a.m. ET. Economists predict US job growth to slow and unemployment to remain steady at 4.1% for the third consecutive month.