Stock market today: Live updates
A trader works on the floor of the New York Stock Exchange.
NYSE
S&P 500 futures were little changed early Friday as traders awaited the release of the July jobs report.
S&P 500 futures gained 0.1%, while Dow Jones Industrial Average futures lost 116 points, or 0.2%. Nasdaq 100 futures were flat.
In Asia, Japan’s Nikkei 225 fell 0.85% while the Topix rose 0.13%. The Kospi declined 1.38%, while the small-cap Kosdaq dropped 2.56%. Australia’s benchmark S&P/ASX 200 was flat. Hong Kong’s Hang Seng index added 0.15% and mainland China’s CSI 300 advanced 0.83%.
In extended U.S. trading, Airbnb shares rallied 9% after the vacation rental company posted a beat on the top and bottom lines. Cloudflare surged 16% after the cloud cybersecurity company issued a solid full year and current quarter outlook.
Wall Street is coming off a losing session, as an increase in oil prices weighed on equities. The Dow fell more than 460 points, or 0.9%, breaking a five-day winning run. The S&P 500 slid 0.2%, while the Nasdaq Composite dipped 0.1%.
In spite of the pullback, the market outlook has brightened on many parts of the Street. Investors are hopeful that a deal to reopen the Strait of Hormuz will eventually bring down oil prices and curb inflation expectations.
Tech has outperformed — with semiconductors rallying this week — after last month’s unwinding of the momentum trade convinced many the stock market got the reset it needed for the next leg higher. Strong earnings only add to the recent confidence.
“There’s going to be a chase,” Tom Lee, head of research at Fundstrat Global Advisors, told CNBC’s “Closing Bell” on Thursday. “I think that chase takes us towards 7,900, 8,000″ this month.
Investors turn their attention to the jobs report Friday. July’s nonfarm payrolls aren’t expected to show much improvement, with a gain of just 83,000, and the unemployment rate staying unchanged at 4.2%. Traders will look to wage growth and participation in the labor force for clues on the job market.
Stocks were headed for a second straight week of gains, in spite of Thursday’s losses. In particular, the Nasdaq could post its best weekly performance since May, thanks to a bounce back in chip stocks. The iShares Semiconductor ETF (SOXX) is higher by more than 5% this week.
