(For a Reuters live blog on U.S., UK and European stock
markets, click or type LIVE/ in a news window.)
* Futures: Dow down 0.04%, S&P up 0.16%, Nasdaq up 0.54%
Aug 7 (Reuters) - S&P 500 and Dow futures were little
changed on Friday ahead of a key U.S. jobs report that could
influence the interest-rate outlook, while Nasdaq futures rose
as Microchip Technology ( MCHP ) and Atlassian's ( TEAM ) strong forecasts lifted
chip and software shares.
Wall Street's main indexes were headed for strong weekly
gains, with the S&P 500 and the Dow set for their best week
since April and the Nasdaq on track for its strongest weekly
advance since May.
Stronger-than-expected results from AI-related companies
this reporting season have propelled the Dow and the S&P 500 to
fresh record highs, while helping the Nasdaq recover from a
pullback that had briefly pushed it nearly 10% below its
previous peak.
On Friday, collaboration software maker Atlassian ( TEAM )
jumped 28.5% in premarket trading and chip company Microchip
Tech ( MCHP ) advanced 8.5% after both forecast quarterly
revenue above estimates.
Cybersecurity company Cloudflare ( NET ) gained 15.6% after
raising its full-year revenue forecast above estimates.
The reports also lifted the broader sectors, with chip stocks
Marvell ( MRVL ) and Micron up 3.6% and 2%, respectively,
while software stocks Palo Alto rose 3% and Service Now
added 2.4%.
In a move to support more domestic production, the White
House imposed a series of price floors and a 15% tariff on
products made from polysilicon, the raw material used in
semiconductors and solar panels that is primarily produced by
China.
At 05:15 a.m. ET, Dow E-minis were down 20 points,
or 0.04%, and S&P 500 E-minis were up 12.75 points,
or 0.16%. Nasdaq 100 E-minis were up 158.5 points,
or 0.54%.
EYES ON JOBS DATA
The Labor Department will release the non-farm payrolls figures
for July at 8:30 a.m. ET and the economy is expected to have
added 80,000 jobs, up from the 57,000 the month before. The
unemployment rate and average annual earnings are expected to
stay steady from the month before at 4.2% and 3.5%,
respectively.
The Federal Reserve under new Chairman Kevin Warsh has
offered investors little information on forward guidance
regarding monetary policy, sharpening the focus on economic data
and remarks from policymakers.
Probabilities for no change versus a rate hike in September
are now closer to even, the CME FedWatch Tool showed. Last week,
traders were pricing in a 37% chance for rates staying unchanged
versus 63% for a rate increase.
Short-term Treasury yields, a reflection of
short-term interest rate expectations, hovered above 4% as crude
prices inched up above $83 a barrel, adding to inflation
concerns.
Tensions flared up again after Yemen's Iran-aligned Houthis
attacked Saudi Arabia, while a report said Iran is reviewing a
preliminary bill that would bar U.S., Israeli and other
"hostile" vessels from transiting the Strait of Hormuz and would
impose fines of up to 20% of a ship's cargo value for violations
of the proposed restrictions.
Vacation rental company Airbnb ( ABNB ) gained 8.8% after
beating second-quarter revenue estimates, helped by strong
global demand for travel and a boost from first-time users
during the FIFA World Cup.
Solar stocks First Solar ( FSLR ) gained 8.7% and SolarEdge ( SEDG )
climbed 1.8% after Trump's polysilicon trade actions to
compete with China.
(Reporting by Johann M Cherian in Bengaluru; Editing by Devika
Syamnath)