US stocks are set for an unchanged opening on Friday ahead of the Nonfarm payrolls data for June. Nasdaq 100 futures inched slightly higher. Dow Jones futures as well as S&P 500 Futures remained on standstill.
Nasdaq 100 Outlook
The Nasdaq 100 index closed higher on Thursday after the release of US initial jobless claims. The initial jobless claims for the week ending June 26, came in higher than expected. The claims closed in at 364,000 from 415,000 in the previous week. It surpassed the estimate forecast signaling a bullish go ahead for the US economy.
US Treasury yields slipped on Friday ahead of the Nonfarm payrolls data later in the day. The 10-year Treasury note fell to 1.446% while the 30-year Treasury bond dipped to 2.045%.
Economic investors are looking ahead of the Labor’s Department monthly jobs data later in the day. despite a slowdown driven by supply bottlenecks, economists expect the job numbers in June to outpace the ones in May. US investors expect the number of Nonfarm payrolls to have increased from 559,000 to 700,000.
The Nasdaq 100 index will react to the unemployment rates data. Unemployment rate is expected to have slipped from 5.8% to 5.6% in May. According to economists, hiring was not as successful as expected. The virus was the largest drive in the worker shortage. Most employees may have felt uncomfortable working amid the corona virus risks.
The average hourly wage is estimated to have spiked 0.3% MoM in May. The average is expected to have jumped 3.6% YoY in the same month from the previous 1.98%.
According to Citigroup economists, if hiring in June was stronger than expected, the Federal Reserve would most likely consider its decisions. The Fed would be expected to taper its monetary policies earlier than they had announced.
Market Movers
Virgin Galactic Holdings Inc was the best performer in the premarket trade. The spaceflight company gained more than 27.56% in its stock earnings. Richard Branson announced that he would be onboard for the test flight scheduled for July 11 ahead of Jeff Bezos’ arrival in space.
Other top performers in pre-market trading include Brixmor Property Group and DoubleVerify Holdings. Each gained more than 5.03% and 6.10% respectively.
CureVac was among the laggards in the premarket trade. The German biopharmaceutical company dipped 4.13%. Final study analysis by the company show that its Covid -19 vaccine is only 48% effective.
