Friday, November 8, 2013

Wall Street eyes Friday jobs report

Wall Street investors Friday pushed U.S. stock futures slightly higher ahead of the expected release of monthly jobs data due.

The U.S. likely added 122,000 jobs last month, according to a survey of analysts, and the unemployment rate probably rose to 7.3% from 7.2%. The government shutdown may have distorted the pace of hiring. The Labor Dept. will release its report at 8:30 a.m. ET.

Dow Jones industrial average index futures were up 0.1%, Standard & Poor's 500 index futures added 0.2% and Nasdaq index futures rose 0.3%.

In the prior session, the Dow fell 0.1% to 15,727 while the broader S&P 500 shed 0.4% to 1,764. The Nasdaq composite plummeted 1.9% to 3,857.33.

On Thursday, Twitter shares (TWTR) debuted and ended the day 73% above the offering price at $44.90. Markets are likely to pay close attention to how the stock fares on its second day of trading. The shares fell 2% in pre-market trades Friday.

THURSDAY: Stocks tumble even as Twitter IPO soars

Asian stocks on Friday followed Wall Street lower after the release of quarterly U.S. economic data that showed the U.S. economy grew 2.8% percent in the third quarter, nearly a percentage point faster than economists had predicted. That led many investors to believe the Fed would start pulling back, or tapering, its bond buying program, with some predicting it could happen as early as December.

Investors in Asia were also hanging back on Friday ahead of a weekend meeting in Beijing where China's communist leaders are expected to lay out their long-term plan for the world's No. 2 economy. A report that showed strong growth in Chinese exports last month was not enough to counter investor caution.

Japan's Nikkei 225 index closed down 1% at 14, 086.80. The Shanghai composite index fell by a similar amount to 2,106.13.

European shares were digesting a cut to France's credit rating by the Standard & Poor's ratings firm by one notch to AA. In a statement Friday, the rating agency said it feared th! e French government will struggle to reduce its deficit and debt and make the necessary reforms to make its economy more competitive. France's CAC 40 index declined around 1%.

Top 10 Medical Companies To Watch In Right Now

On Thursday, the European Central Bank cut interest rates across the euro-area region by 25 basis points to 0.25%, a record low move that took markets by surprise.

Contributing: Associated Press

No comments:

Post a Comment