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US STOCKS-Futures mixed ahead of jobs data
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US STOCKS-Futures mixed ahead of jobs data
Aug 8, 2024 4:54 AM

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

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

*

Bumble slides after slashing FY revenue growth forecast

*

Robinhood rises after Q2 earnings beat

*

Weekly jobless claims data due at 8:30 a.m. ET

*

Futures: S&P 500 down 0.2%, Nasdaq up 0.06%, Dow down 0.2%

(Updated at 6:45 a.m. ET/ 1045 GMT)

By Shubham Batra and Shashwat Chauhan

Aug 8 (Reuters) - U.S. stock index futures were mixed on

Thursday as investors turned cautious ahead of a jobs report

after last week's weaker-than-expected economic data that had

sparked fears of a recession.

Most megacap and growth stocks were volatile in premarket

trading. The Nasdaq closed 1% lower in the previous

session, as tech stocks lost steam after a brief rebound

following a global stocks rout, and weak demand in a 10-year

Treasury auction.

Global markets are experiencing heightened volatility this

week after dour economic reports coupled with unwinding of

currency carry trade positions pushed the Japanese yen higher

after the Bank of Japan raised interest rates on July 31.

The market situation has turned the focus on U.S. weekly

jobless claims data, due at 8:30 a.m. ET, which is expected to

show a marginal dip in the number of Americans claiming State

unemployment benefits in the week ended Aug. 3.

"U.S. weekly jobless claims will be very sensitive given the

positions that have stacked up looking for the Fed to cut rates

relatively aggressively by year end," said Marc Ostwald, chief

economist & global strategist at ADM Investor Services.

J.P.Morgan has raised the odds of a U.S. recession by the

end of this year to 35% from 25%, citing easing labor market

pressures.

Money markets currently see a 71.5% chance of a

50-basis-points rate cut by the Federal Reserve in September,

with the possibility of two more cuts by the end of 2024,

according to CME's FedWatch Tool.

Comments from Richmond Fed President Thomas Barkin, who will

be speaking at 3 p.m. ET, will also be closely monitored for any

clues on the U.S. central bank's next move.

At 06:45 a.m. ET, Dow E-minis were down 90 points,

or 0.23%, S&P 500 E-minis were down 9.25 points, or

0.18% and Nasdaq 100 E-minis were up 11.5 points, or

0.06%.

The CBOE Market Volatility Index, also known as Wall

Street's "fear gauge", ticked up to 28.51 points, up from

Wednesday's low of 21.97.

On the earnings front, Bumble slashed its annual

revenue growth forecast, stoking worries about the dating app

operator's growth plans, sending its shares down 39.7% in

premarket trading. Rival Match Group ( MTCH ) also fell 2.6%.

Warner Bros Discovery ( WBD ) dropped 12.3% after it wrote

down the value of its TV assets due to the uncertainty of fees

from cable and satellite distributors and sports rights

renewals.

Monster Beverage ( MNST ) lost 8.3% after the energy drinks

maker missed market expectations for second-quarter sales as

budget-conscious consumers kept a tight lid on spending.

Robinhood added 1.5% after the retail trading app

beat Wall Street expectations for second-quarter earnings, as

interest in meme stocks and cryptocurrencies soared, and said it

continued to gain retail trading market share from rivals.

Eli Lilly ( LLY ) jumped 7% after the drugmaker raised its

annual profit forecast, and sales of its popular weight-loss

drug Zepbound crossed $1 billion for the first time in a

quarter.

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