US Stock Futures Trade Cautiously Ahead of Crucial Nonfarm Payroll Data

US stock futures traded cautiously on August 7 as investors awaited the highly anticipated US nonfarm payroll data. The Dow Jones Industrial Average Index futures dipped by 66 points or 0.12% to around 53,947, while the S&P 500 index remained flat at 7,734.75.

However, the Nasdaq 100 futures traded higher by 54.75 points or 0.2% at 29,543.00. The sharp decline in stock prices on August 6 was largely attributed to selloffs in chip stocks, particularly Sandisk, which plummeted 7% overnight.

According to Rajesh Palviya, Head of Research, Axis Direct, the global cues turned cautious as the Dow Jones fell 464 points, ending its record streak. The S&P 500 and Nasdaq Composite also closed marginally lower amid rising US Treasury yields and weaker-than-expected earnings from memory-chip makers.