Stock indices finished today’s trading session in the red after February’s nonfarm payrolls and unemployment rate came in higher than expected. The Dow Jones Industrial Average (DJIA), the S&P 500 (SPX), and the Nasdaq 100 (NDX) fell 0.18%, 0.65%, and 1.53%, respectively.
The technology sector (XLK) was the session’s laggard, as it fell 1.49%. Conversely, the real estate sector (XLRE) was the session’s leader, with a gain of 1.18%.
Furthermore, the U.S. 10-Year Treasury yield decreased to 4.08% while the Two-Year Treasury yield slipped to around 4.48%.
First Published: 3:34AM EST
U.S. futures were mixed on Friday morning. Investors eagerly await today’s release of nonfarm payroll data and the unemployment report for February as they give clues about the health of the U.S. labor market. Futures on the Nasdaq 100 (NDX) and the Dow Jones Industrial Average (DJIA) were down 0.1% and 0.05%, respectively, at 3.08 a.m. EST, March 8, while those tied to the S&P 500 (SPX) rose by 0.06%.
In yesterday’s regular trading session, both the S&P 500 and Nasdaq 100 indices hit a record high. Also, the Dow Jones index closed in positive territory. It is worth highlighting that the upside was driven by a rally in tech stocks, including the Magnificent Seven stocks. Nvidia (NVDA) stock saw a rise of 4.5%, closely followed by Meta Platforms (META), which experienced a 3.3% increase.
Regarding today’s economic releases, economists expect a moderation in today’s jobs report, forecasting an increase of 198,000 in February’s nonfarm payrolls compared with 353,000 in January. Further, the unemployment rate is expected to remain steady at 3.7% for the fourth consecutive month.
Ryan Sweet, the chief economist at Oxford Economics, foresees a minor likelihood of a significant slowdown in the labor market. Furthermore, he believes that the Federal Reserve may postpone any interest rate cuts for an extended period.
At the time of writing, the U.S. 10-year treasury yield is down, floating near 4.08%. Meanwhile, WTI crude oil futures are trending higher, hovering near $79.36 per barrel as of the last check, as persistent tensions in the Middle East raised supply concerns.
Elsewhere, European markets are expected to open higher today, extending the rally from yesterday, spurred by the European Central Bank’s decision to maintain interest rates at record-high levels.
Asia Pacific Markets Ended Higher on Friday
Asia-Pacific indices ended in the green today, buoyed by optimism that the Federal Reserve might begin rate cuts sooner, depending on favorable economic data.
Hong Kong’s Hang Seng index closed higher by 0.89%. Similarly, China’s Shanghai Composite and Shenzhen Component indices ended up by 0.61% and 1.1%, respectively. Meanwhile, Japan’s Nikkei and Topix indices finished higher by 0.23% and 0.3%, respectively.
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