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US STOCKS-Futures inch up with payrolls data, Powell's remarks on tap
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US STOCKS-Futures inch up with payrolls data, Powell's remarks on tap
Mar 7, 2025 3:33 AM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

*

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.

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