Premarket advance by U.S. stock indexes nearly vanishes after jobs report
U.S. stock-index futures pared gains Friday morning, following a weaker-than-expected jobs report that adds fuel to fears that the U.S. economy is slowing amid weak global growth and rising trade tensions between the U.S. and trade partners, including China and Mexico.
For the week, the Dow is set to gain 3.7%, which would be the best weekly gain since the period ended Nov. 30, according to FactSet data as of Thursday’s close. The S&P 500 looks likely to return 3.3 % for the week, which would also represent its best such gain since November, while the Nasdaq was set for a weekly climb of 2.2%, its best weekly gain since March.
While stock index-futures sold off on the news, markets could be entering a period in which bad economic news is good for stock markets, analysts said, as it would increase the chances that the Federal Reserve would move to lower interest rates in the coming months. Mexico has also emphasized the need for more U.S. economic aid to potentially subsidize Mexican interdiction efforts, and to support economic development in migrants’ home countries. It remains to be seen, however, whether a deal can be reached in time to avoid the imposition of a 5% tariff on all Mexican imports, set to go into effect Monday. Talks are set to resume Friday.
What are the analysts saying? “Stock indices were headed for weekly gains as expectations that the US Federal Reserve and other central banks around the world would soon cut interest rates to counter the damaging impact of rising trade tensions lifted sentiment,” wrote Raffi Boyadjian, senior investment analyst at XM. “Traders were also hopeful that US and Mexican officials will be able to resolve the issue of illegal migration across the two countries’ border.
Shares of Zoom Video Communications Inc. ZM, +1.78% were up 15.8% in off-hours trade, after the firm announced better-than-expected earnings Thursday evening.
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