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US STOCKS-Futures waver on anxiety ahead of jobs data
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US STOCKS-Futures waver on anxiety ahead of jobs data
Aug 8, 2024 2:53 AM

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

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

*

Futures: S&P 500 down 0.1%, Nasdaq up 0.06%, Dow down

0.15%

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

Thursday, as investors turned cautious ahead of another jobs

report that will be closely monitored for more hints on the

health of the American economy after weak economic data last

week.

Megacap and growth stocks swung between gains and losses in

premarket trading and extended some pressure from the previous

session, partly after Treasury yields rose on soft demand for a

$42 billion sale of 10-year notes.

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.

This has increased the significance of weekly jobless claims

data, due at 8:30 a.m. ET, which is expected to show a marginal

dip 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 Fed in September, with

possibility of two more cuts by the end of 2024, according to

CME's FedWatch Tool.

Comments from Richmod Fed President Thomas Barkin, who will

be speaking at 3 p.m. ET, will also be eyed for any clues on the

U.S. central bank's next move.

At 4:52 a.m. ET, U.S. S&P 500 E-minis were down 5.25

points or 0.1%, Nasdaq 100 E-minis were up 10.75 points

or 0.06%, and Dow E-minis were down 60 points or 0.15%.

On the earnings front, Bumble slashed its annual

revenue growth forecast on Wednesday, stoking worries about the

dating app operator's growth plans among investors, sending its

shares down 35% in premarket trading.

Warner Bros Discovery ( WBD ) shares dropped 11.8% 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.

(Reporting by Shubham Batra in Bengaluru; Editing by Varun H K)

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