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US STOCKS-Futures steady as markets await November jobs data
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US STOCKS-Futures steady as markets await November jobs data
Dec 6, 2024 2:52 AM

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

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

*

Futures down: Dow 0.03%, S&P 500 0.06%, Nasdaq 0.01%

Dec 6 (Reuters) - Futures linked to Wall Street's main

indexes were largely flat on Friday, with investors cautious

ahead of a monthly jobs report expected to be key in assessing

the Federal Reserve's interest-rate trajectory.

U.S. job growth likely surged in November after being

severely constrained by hurricanes and strikes, but this would

probably not signal a material shift in easing labor market

conditions, which the Fed will need to cut interest rates again

this month.

"Recent Fed speakers have taken pains to leave all options

open in December and the decision remains too close to call,"

said Max McKechnie, global market strategist at J.P.Morgan Asset

Management.

"However, if we do get strong payrolls data today, revisions

to the Fed's anticipated path for interest rates next year are

all but guaranteed."

Data at 8:30 a.m. is expected to show nonfarm payrolls

likely increased by 200,000 jobs last month, while the

unemployment rate is expected to climb to 4.2%, according to a

Reuters survey of economists.

At the moment, traders see a near 67% chance of the Fed

cutting interest rates by 25 basis points when it meets later

this month, according to CME's FedWatch Tool.

A preliminary reading of December U.S. consumer sentiment

calculated by the University of Michigan will also be released

shortly after markets open on Friday.

Four Fed officials are scheduled to make public appearances

throughout the day, just before a media blackout for the Fed's

Dec. 17-18 policy meeting kicks in on Saturday.

U.S. stocks closed lower in the last session, with

UnitedHealth ( UNH ) down sharply and technology shares giving

up some gains after a steady increase through the week.

Despite Thursday's pullback, the S&P 500 and the

Nasdaq were set for their third consecutive weekly

gains, while the blue-chip Dow was set for minor losses.

The three indexes are hovering near record highs as a

relentless rally in heavyweight tech stocks - a bid to cash in

on the artificial intelligence hype - has led to robust gains

throughout this year.

U.S. President-elect Donald Trump's win in the Nov. 5

election has been another recent tailwind for stocks. Analysts

expect his policies on tax cuts and looser regulations could

support corporate performance.

At 05:00 a.m. ET, Dow E-minis were down 15 points,

or 0.03%, S&P 500 E-minis were down 3.5 points, or

0.06%, and Nasdaq 100 E-minis were down 1.5 points, or

0.01%.

Among early premarket movers, Ulta Beauty ( ULTA ) advanced

11.4% after the cosmetics retailer raised its annual profit

forecast, signaling a revival in demand for perfumes and makeup

during the holiday shopping season.

Lululemon Athletica ( LULU ) added 8.2% after the sportswear

maker increased its full-year forecasts, betting on resilient

demand for its athletic wear in the U.S. during the holiday

shopping season and continued strength in its international

business.

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