U.S. stock futures were flat Friday morning as investors await a key jobs report for August that will give more information regarding the state of the economy and might determine the pace of future Federal Reserve interest rate increases.
Dow Jones Industrial Average futures fell 9 points. S&P 500 futures were essentially flat. Nasdaq 100 futures slipped by 0.1%.
The Dow and the S&P 500 ended the day higher in the prior session to kick of September, snapping four days of losses. The Nasdaq Composite slipped, posting its first five-day losing streak since February, weighed down by falling semiconductor stocks.
All three major averages are set to end the week lower following slumping in the last days of August, on course to notch their third negative week in a row. Stocks have been weighed down by hawkish comments from Federal Reserve officials signaling that interest rate hikes aren’t going away anytime soon. Now, traders are watching to see if stocks will retest the June lows, especially since September is historically a poor month for the market.
“A half a day rally right before we have a jobs number tomorrow might just be simply that people didn’t want to be as short as they were over the last couple of days,” said Brian Kelly, founder of BKCM LLC, on CNBC’s “Fast Money.”
Shares of retailer Lululemon jumped nearly 10% in premarket trading following reporting quarterly results that beat Wall Street’s expectations.
