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S&P 500 futures fall slightly as investors await Friday’s US jobs data

Expect the market to break the declines in 2023, says Canaccord's Tony Dwyer

S&P 500 futures were slightly lower early Friday as investors looked ahead to the November jobs report.

Futures linked to the benchmark share index fell 0.16%. Dow Jones Industrial Average futures were lower by 0.1% and Nasdaq 100 futures fell 0.33%.

Shares in technology companies were moving in aftermarket trading following quarterly results. Asana, Zscaler and Marvell all slipped.

In regular trading, the Dow closed down nearly 195 points, while the S&P 500 fell 0.09%. The technology-heavy Nasdaq Composite rose 0.13 percent.

The moves followed a mixed batch of economic data, including a core personal consumption expenditure report that was slightly better than expected on a monthly basis and a larger-than-expected decline in the ISM Manufacturing Index. The so-called PCE deflator is one of the Federal Reserve’s preferred inflation gauges.

“Taken together, these two data could suggest a soft landing for the US economy as long as growth does not slip much further,” Goldman Sachs’ Chris Hussey said in a note on Thursday.

Investors are focused on the Labor Department’s report on nonfarm payrolls, unemployment and hourly wages, due at 8:30 a.m. ET on Friday. Economists expect the economy to have added 200,000 jobs in November, according to Dow Jones. That will be down from the 261,000 it added in October.

Friday’s is the last monthly employment report before the Federal Reserve’s two-day meeting on December 13 and 14, where the central bank is expected to raise the target fed funds rate by half a percentage point.

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