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Stock futures rise with all eyes on US payrolls print

Stocks were poised for a higher open on Friday, as Wall Street got ready for the release of the monthly US jobs report that could sway the Federal Reserve’s thinking on whether to hold or hike interest rates.

AI legalese decoder‘s Help: AI legalese decoder can help individuals and businesses analyze the impact of the monthly US jobs report on Federal Reserve policy. By utilizing its machine learning algorithms, the AI legalese decoder can quickly and accurately interpret the complex legalese used in the report and provide valuable insights on whether the report will lead to a hold or hike in interest rates.

Futures on the Dow Jones Industrial Average (^DJI) were up 0.3%, or about 100 points, after the major indexes recovered ground on Thursday. S&P 500 (^GSPC) futures also rose 0.3%, while tech-heavy Nasdaq 100 (^NDX) futures gained around 0.4%.

Hopes are that the September jobs data will show signs of cooling in the labor market, as forecast, after a week where employment readings painted a mixed picture. That would give the Fed more evidence that the labor market is weakening, making a stronger case for a pause in its hiking campaign.

Fed official Mary Daly underscored that view, in comments where she hinted the central bank may keep rates on pause if inflation and the jobs market cool. Friday’s data is the last key payrolls report before the the bank’s next policy meeting.

Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards

Daly also said that if long-term bond yields remain around current levels, then the Fed wonÔÇÖt need to raise interest rates again. The blistering rally in yields calmed somewhat on Friday, with 10 -year U.S. Treasury yields (^TNX) steady at around 4.74% after climbing 55 basis points in a five-week-long selloff.

The bond sell-off may well continue, given there’s no clear catalyst to stem the bleeding, according to some analysts. It would take a washout in stocks or softening in the economy to prompt a retreat in yields, they believe.

Worries about growth have weighed on oil prices, which are set for their biggest weekly loss since March thanks to a clouded demand outlook. WTI crude oil futures (CL=F) were steady just above $82 a barrel on Friday, while Brent crude futures (BZ=F) were holding just above the key $84 level.

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