Nasdaq, S&P 500 and Dow futures dip ahead of payrolls data

Stock index futures dipped on Friday, as investors await November’s non-farm payrolls data due this morning, which could shape expectations of the Federal Reserve’s meeting this month. Nasdaq 100 futures ( US100:IND ) -0.1% , S&P 500 futures ( SPX ) -0.1% , and Dow futures ( INDU ) -0.1% . The 10-year Treasury yield ( US10Y ) rose 1 basis point to 4.19%, while the 2-year yield ( US2Y ) was up 3 basis points at 4.18%. Economists expect non-farm-payrolls growth of about 200,000 in November, compared to 12,000 in October. The October figure will likely be revised, as it was much lower than expected due to impact from hurricanes Helene and Milton, as well as the Boeing strike. “A number below 200,000 will be read as weak, and it will probably take a number over 300,000 to seriously question whether the Fed will not cut rates on December 18,” said Chris Turner, global head of markets, ING. “We think the Fed currently is minded to cut.” “Focus will also be on the unemployment rate, where a rise back to 4.2% slightly favors a Fed cut, while no change at 4.1% would support the dollar on the view that the central bank may well skip a cut in December after all.” A majority of traders are betting on a 25-basis-point rate cut this month to 4.25%-4.50%, according to CME’s FedWatch tool. Investors will also closely watch commentary from Fed officials slated to speak on Friday – Governor Michelle Bowman, Chicago Fed’s Austan Goolsbee, Cleveland Fed’s Beth Hammack and San Francisco Fed’s Mary Daly. Other economic reports scheduled for Friday include December’s consumer sentiment index (consensus 73.1) and October’s consumer credit data (consensus $10.10B). Among active stocks, DocuSign ( DOCU ) soared 15% and Ulta Beauty ( ULTA ) rose 11% before the bell on strong results. In the crypto market, bitcoin ( BTC-USD ) is continuing to trade below $100,000 . It slid 4.1% to $98,173 at the time of writing. More on markets Where Will S&P 500 Be At The End Of 2025? Let’s Predict This May Be The Most Expensive Stock Market Ever The $2T Question And S&P 500’s Cautionary Risk Premium

Source: Seeking Alpha