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Futures up: Dow 0.15%, S&P 500 0.31%, Nasdaq 0.48%
March 7 (Reuters) - U.S. stock index futures edged up on
Friday, ahead of a key jobs report and comments from Federal
Reserve chair Jerome Powell, as investors keenly awaited clarity
on the health of the world's largest economy amid turbulence
triggered by tariff uncertainty.
At 05:18 a.m. ET, Dow E-minis were up 66 points, or
0.15%, S&P 500 E-minis were up 18.25 points, or 0.31%
and Nasdaq 100 E-minis were up 97 points, or 0.48%.
The Labor Department's nonfarm payrolls report is likely to
show the economy added 160,000 jobs in February, higher than the
143,000 reported in the month before.
February unemployment rate is likely to remain unchanged
from January at 4%, and could offer comfort to investors
navigating signs of deteriorating consumer and business
confidence. However, recent initiatives to cut government
spending could threaten the job market resilience in the months
ahead.
Among top movers, Broadcom ( AVGO ) rose 12.6% in premarket
trading after the chipmaker assuaged investor worries about
artificial intelligence infrastructure demand with a strong
second-quarter forecast - a day after peer Marvell's ( MRVL )
in-line forecast disappointed investors.
Marvell ( MRVL ) rose 1.5% after Thursday's 20% slide, while Nvidia ( NVDA )
and Micron added 1.3% and 1.5%, respectively.
Equities witnessed their most volatile week this year, with
Wall Street's fear gauge trading near levels not seen
since mid-December, as traders tried to assess President Donald
Trump's fluctuating trade policy. The index was muted on Friday.
In the previous session, the Nasdaq confirmed a 10% drop
from its December all-time high, while the benchmark S&P 500
appeared to have reversed most of its gains since Trump's
election victory.
The indexes, along with the blue-chip Dow are on
track for their biggest weekly drop since September.
Analysts say the concerns are that Trump's tariffs would
push the world's largest economy into a period of high inflation
and slowing growth.
Trump on Wednesday offered a four-week reprieve on tariffs
he imposed on imports from Canada and Mexico that fall under a
free-trade pact, but the U.S. is still in a trade war with
China. Additionally, reciprocal trade barriers and other duties
are expected to take effect in the following weeks.
Traders now see the Fed lowering interest rates by at least
75 basis points this year, according to data compiled by LSEG -
more than what they were pricing-in earlier in the year.
Comments from Chair Powell at 12:30 p.m. ET could offer more
clarity on the central bank's policy. His colleagues, including
New York Fed President John Williams, Governors Michelle Bowman
and Adriana Kugler, are also slated to speak later in the day.
Gap beat fourth-quarter sales and profit estimates,
sending shares of the apparel company up 17.8%.
Costco dipped 1.7% after the retailer missed Street
estimates on quarterly earnings as merchandise costs increased.
Walgreens jumped 5.6% after the pharmacy chain
agreed to be taken private by Sycamore Partners for $10 billion.