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US STOCKS-Futures rise on Amazon results boost ahead of jobs data
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US STOCKS-Futures rise on Amazon results boost ahead of jobs data
Nov 1, 2024 9:33 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 0.19%, S&P 500 0.29%, Nasdaq 0.41%

Nov 1 (Reuters) - U.S. stock index futures rose on

Friday, buoyed after upbeat earnings from Amazon ( AMZN ) offset a

tech-led selloff in the previous session, as investors awaited

crucial nonfarm payrolls data for clues on the Federal Reserve's

interest-rate trajectory.

Amazon.com ( AMZN ) soared 5.8% in premarket trading, as

strong retail sales lifted its profit above Wall Street

estimates.

That helped raise market morale after a tech-driven slump in

Thursday's session, as cost warnings on AI-related

infrastructure from Meta Platforms ( META ) and Microsoft ( MSFT )

saw the Nasdaq slump 2.7%, its worst day in

nearly two months.

Nonfarm payrolls data is due later in the day, with

economist polls by Reuters forecasting that the economy added

113,000 jobs in October. However, analysts said labor strikes

and hurricanes could skew the month's data.

Meanwhile, Apple ( AAPL ) dropped 1.1% despite beating

quarterly sales forecasts, as investors worried about a decline

in China sales.

While investors are largely certain the Fed will cut rates

by 25 basis points in November, the outlook for subsequent

months is less clear as economic data remains robust.

Treasury yields have risen to nearly four-month highs in

recent weeks, pressuring equities, as traders speculate that the

central bank will adopt a less dovish stance.

The Nov. 5 U.S. presidential election is also on investors'

minds, with many analysts predicting a close race and some

uncertainty over the final outcome. The Federal Reserve's

November meeting kicks off the following day.

Unsurprisingly, equity volatility has risen in recent days,

with the CBOE Volatility Index trading at a more than

three-week high.

"(The) US October Jobs Report and Election Date pose

significant risks to both sides of current rates outlook, we

think the Fed is more likely to change its forward guidance than

its rate decision next week in case of data (or) political

surprises," analysts at Danske Bank wrote.

At 5:15 a.m. ET, Dow E-minis were up 78 points, or

0.19%, S&P 500 E-minis were up 16.5 points, or 0.29% and

Nasdaq 100 E-minis were up 82.5 points, or 0.41%.

Intel ( INTC ) jumped 6.1% after a better-than-expected

revenue forecast, lifting other chip stocks, with Nvidia ( NVDA )

rising 2%.

Shares of Boeing ( BA ) rose 2.4% after a union of striking

workers endorsed an improved contract offer that includes a 38%

pay rise, with members expected to vote on Monday.

Chevron ( CVX ) rose 1.1% and Exxon Mobil ( XOM ) gained

0.9% ahead of results expected before the bell.

U.S. Manufacturing PMI data is also due later in the day.

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