Nasdaq 100 and S&P 500 futures rise ahead of jobs data

  • Nasdaq 100 and S&P 500 futures rose ahead of U.S. employment data.
  • Economists forecast 56,000 August payroll additions after July's 23,000 decline.
  • Federal Reserve Governor Christopher Waller supported steady rates if inflation pressures abate.

Futures tracking the Nasdaq 100 and S&P 500 edged higher on Friday ahead of U.S. jobs data that could test the recent recovery in equities. Traders now see a nearly 50% chance of a rate increase, down from 63% before Federal Reserve Governor Christopher Waller tempered rate-hike expectations. A Reuters survey found economists expect nonfarm payrolls, a measure of employment excluding farm workers, to rise by 56,000 in August after a 23,000 decline in July. The data follows a weak July employment report and sharp downward revisions to job gains in the previous two months. At 4:24 a.m. ET, Dow E-minis were down 0.07%, while S&P 500 E-minis and Nasdaq 100 E-minis were up 0.06% and 0.42%, respectively. Lululemon Athletica dropped 17.67% in premarket trading after cutting its full-year profit and revenue forecasts, while Adobe fell 3.18% after saying longtime CEO Shantanu Narayen would hand over leadership to insider Anil Chakravarthy. Investors are also weighing September's historical seasonal weakness, with most of the decline typically occurring in the second half of the month. The Labor Department is due to release CPI and PPI inflation data next week.

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