Stock futures were mostly higher early Friday, building on the S&P 500’s record close, as investors awaited key jobs data that could help determine the path of interest rates in the months ahead.
S&P 500 futures pointed 0.2% higher, Nasdaq futures jumped 0.5%, but futures on the Dow Jones Industrial Average fell 28 points, or 0.1%. All three major indexes rose Thursday as more weak labor data solidified bets that the Federal Reserve will lower borrowing costs when it meets later this month.
Traders are currently pricing in a 99% of a quarter-point cut in September, according to CME’s FedWatch tool. Friday’s job report could still change that and there’s also consumer price index inflation data next week before the Fed’s decision on September 17. The market is split on whether the central bank cuts rate two or three times between now and the end of the year and the next two weeks could go a long way to answering that…
