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Stock futures were little changed as Wall Street expects an October jobs report




Stock futures were little changed as Wall Street expects an October jobs report

U.S. stock futures were flat on Friday morning after the major averages fell for a fourth day, and investors looked to the October jobs report for clues about the pace of future rate hikes by the Federal Reserve.

Dow Jones Industrial Average and S&P 500 futures were little changed. The Nasdaq 1[ads1]00 rose by 0.21 percent.

Investors absorbed a slew of corporate earnings reports in extended trading. Mobile payment warehouse Block rose 13% after beating top- and bottom-line expectations in its third-quarter results. Shares of Carvana fell more than 9% after the company posted a bigger-than-expected loss and missed sales expectations.

During the regular session Thursday, the Dow Jones Industrial Average fell 146.51 points, or about 0.5%. The S&P 500 lost nearly 1.1%, while the Nasdaq Composite fell 1.7%. Investors weighed the latest 0.75 percentage point rate hike by the Fed, as well as comments from Chairman Jerome Powell that suggested a pivot could be further away than traders expected.

The October non-farm payrolls report on Friday will give investors further clues about where the economy stands and how much work the central bank has ahead of it to bring down inflation. Economists polled by Dow Jones expect 205,000 jobs to have been added last month and forecast the unemployment rate to hold steady at 3.5%.

“They’re trying to crush the demand, which makes the jobs of tomorrow extraordinarily important, because if you get a good number of jobs in relation to the fact that things haven’t gotten worse on the jobs front, it really makes a difficult job for [the central bank] so much more,” Guy Adami of Private Advisor Group said Thursday on CNBC’s “Fast Money.”

Investors are also expecting a third-quarter report from AMC Networks before noon on Friday.

All the major averages are on track to end the week in losses. Through Thursday, the Dow is down 2.62%, and is set to end a four-week rally.

The S&P and Nasdaq are down 4.64% and 6.84% respectively, on pace to break two-week winning streaks. The tech-heavy Nasdaq is on pace for its worst weekly performance since January 2022.



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