S&P 500 futures declined early on Friday as traders anticipated the release of May’s jobs report, while the tech-heavy Nasdaq was set to open significantly lower following Thursday’s U.S. tech sell-off, which extended to Asian and European markets. Futures associated with the broad market index experienced a decline of approximately 0.4%, whereas Nasdaq 100 futures fell by 1%. Futures associated with the Dow Jones Industrial Average increased by 63 points, representing a rise of 0.1%. Shares in Broadcom experienced a decline of 1.4% following a significant drop of 12.5% on Thursday. Similarly, Marvell Technology and Micron saw decreases of 2.7%.
On Thursday, the blue-chip Dow increased by 874.86 points, representing a rise of 1.73%, achieving a new record close. The S&P 500 increased by 0.41%, whereas the Nasdaq Composite experienced a decline of 0.09%, influenced by a shift away from the technology sector. “A lot of us would prefer a broadening of the market, and when we say that I think it’s no longer broadening away from Mag Seven, it’s really a broadening away from semi-cap equipment and hardware,” said Charles Kantor on Thursday afternoon. “You experienced a glimpse of that today, yet the demand pipeline for resources associated with the expansion of computing and data centers, extending even into 2030, represents a significant driving force.”
Investors are currently anticipating the May nonfarm payrolls report, scheduled for release at 8:30 am on Friday morning. Economists surveyed anticipate that the latest data will indicate an addition of only 80,000 jobs last month, a figure that falls short of the average of 150,000 jobs recorded over the preceding two months. The consensus anticipates that the unemployment rate will remain unchanged from April at 4.3%.
The S&P 500 has experienced an increase of less than 0.1% over the course of the week. This modest increase positions it for its 10th consecutive week of gains, which would represent the longest positive streak for the index since 1985. The 30-stock Dow is set to conclude the week with a gain of 1%, whereas the Nasdaq Composite is on track for a decline of 0.5%.