Stock futures are flat ahead of key August jobs reports

The Fed's hawkishness will lead to more volatility, says Schwab's Omar Aguilar

U.S. stock futures were flat on Friday morning as investors await a key jobs report for August that will provide more information on the state of the economy and could determine the pace of future rate hikes by the Federal Reserve.

Dow Jones Industrial Average futures yielded 6 points. S&P 500 futures were essentially flat. Nasdaq 100 futures fell by 0.1 percent.

The Dow and S&P 500 ended the day higher in the previous session to start September, snapping four days of losses. The Nasdaq Composite fell, posting its first five-day losing streak since February, weighed down by falling semiconductor stocks.

All three major averages are set to end the week lower after the decline in the final days of August, on course for a third straight negative week. Stocks have been weighed down by hawkish comments from Federal Reserve officials signaling interest rate hikes aren’t going away anytime soon. Now traders are watching to see if stocks will retest the June lows, especially since September is historically a bad month for the market.

“A half-day rally right before we have a jobs number tomorrow could simply be that people didn’t want to be as short as they were the last few days,” Brian Kelly, founder of BKCM LLC, said on CNBC’s “Fast Money. “

Shares of retailer Lululemon rose nearly 10% in premarket trading after reporting quarterly results that beat Wall Street expectations.

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