Mixed US Stock Futures Ahead of Crucial Jobs Report
US stock futures traded on a mixed note on August 7 as investors shifted their focus towards the upcoming US nonfarm payroll data. The Dow Jones Industrial Average Index futures dipped by 66 points or 0.12% to trade around 53,947. Meanwhile, the S&P 500 index performed flat at 7,734.75, while the Nasdaq 100 futures traded higher by 54.75 points or 0.2%.
Ahead of the jobs report, Wall Street witnessed a sharp correction on August 6 due to selloffs in chip stocks and weaker-than-expected earnings from memory-chip makers like Sandisk. The Dow Jones index dropped by 464.02 points or 0.9% to close at 53,885.10.
The July nonfarm payrolls will be a crucial indicator of the labor market conditions and the potential path of Federal Reserve monetary policy. Consensus is for 86,000 new jobs and steady unemployment at 4.2%. The Average Hourly Earnings, Average Workweek, Consumer Credit, Nonfarm Payrolls, and Unemployment Rate are expected to be released on Friday.