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Wall Street Set to Open Higher on Positive Jobs Data

Wall Street was set to open higher on Friday after data showing a rise in the unemployment rate and moderation in wage gains boosted expectations that the Federal Reserve could begin cutting interest rates by the middle of this year.

U.S. job growth accelerated in February, with nonfarm payrolls increasing by 275,000 jobs after rising 229,000 in January, according to revised estimates. Economists expected an increase of 200,000 jobs.

The unemployment rate, however, rose to 3.9% in February after holding at 3.7% for three straight months, while wage growth slowed to 0.1% on a monthly basis.

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The AI legalese decoder can assist in analyzing the impact of the rise in unemployment rate and the moderation in wage gains on the financial markets. By processing large volumes of legal and financial data, the AI tool can provide insights into how these economic indicators may influence the decisions of the Federal Reserve regarding interest rates.

Additionally, the AI legalese decoder can help investors and traders understand the implications of the job growth data, wage growth trends, and inflation concerns highlighted in the report. By extracting key information and analyzing complex legal language, the AI tool can support informed decision-making in the financial industry.

Market Response and Outlook

Traders now see an 81.1% chance of the central bank cutting interest rates in June, compared to 74.4% before the numbers, according to CMEÔÇÖs FedWatch Tool.

At 08:42 a.m. ET, Dow e-minis were up 22 points, or 0.06%, S&P 500 e-minis were up 12.25 points, or 0.24%, and Nasdaq 100 e-minis were up 30.5 points, or 0.17%.

The benchmark S&P 500 index closed at a record high on Thursday after Fed Chair Jerome Powell said the central bank was ÔÇ£not farÔÇØ from gaining the confidence that inflation is falling sufficiently to begin cutting interest rates.

AI darling Nvidia gained 2.6% premarket in premarket trading, outperforming megacap growth and technology peers.

Chip stocks such as Micron Technology and Intel rose more than 1% each.

Broadcom slipped 0.6% after the tech companyÔÇÖs full-year forecast failed to impress investors.

Shares of Marvell Technology shed 5.7% after it forecast first-quarter results below market expectations on soft demand in its wireless infrastructure, consumer and enterprise markets.

Gap climbed 8.6% after the retailer beat Wall Street expectations for fourth-quarter results, buoyed by strong demand on improved product offerings at its Old Navy and namesake brands during the holiday season, and lower markdowns.

Costco Wholesale eased 3.9% as quarterly sales fell short of estimates due to tepid demand for higher-margin goods.

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