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Traders work on the floor at the New York Stock Exchange (NYSE), on the day of Circle Internet Group's IPO, in New York City, U.S., June 5, 2025.
Brendan McDermid | Reuters
Stock market futures were mostly calm on Thursday evening ahead of a key jobs report that is expected to shed light on the health of the U.S. economy.
S&P 500 futures ticked down about 0.1%. Futures for the Dow Jones Industrial Average were up less than 0.1% while Nasdaq 100 futures shed 0.3%.
The May nonfarm payrolls report is due out before the opening bell on Friday. Economists expect growth of 125,000 jobs, according to Dow Jones, which would represent a decline from the prior month but likely not enough of one to cause a surge in recession fears.
Some recent economic data has pointed to a slowdown in the U.S., raising questions about the impact of the multi-front tariff negotiations and the next steps for the Federal Reserve.
"The Federal Reserve is navigating a narrow path. While they expect the economy to soften, persistent trade uncertainty is ripe ground for monetary policy missteps. … With both large and small businesses indicating that they plan to hold onto their workers and ride out the tariff storm, only a modest weakening in the jobs market is likely, further reducing the urgency for Fed support," said Seema Shah, chief global strategist at Principal Asset Management.
The move in futures comes as the major indexes are holding on to modest gains for the week. The S&P 500 and Dow are up 0.5% and 0.1%, respectively, week to date, while the Nasdaq Composite is up nearly 1%.
On Thursday, the S&P 500 fell 0.5% and the Nasdaq Composite slid 0.8%. Those indexes were weighed down by Tesla, which tumbled 14% as CEO Elon Musk sparred with President Donald Trump on social media. The Dow, which does not include Tesla, was off by 108 points, or less than 0.3%.
Earnings reports could also be a key theme on Friday. Broadcom, Lululemon and Docusign all moved lower in extended trading after releasing their quarterly reports.
Small caps lead for the week entering Friday
With one day left in trading for the week, here's where the major averages stand:
- The Dow is up 0.12% week to date, on pace for its second positive week in a row
- The S&P is up 0.47% on the week, headed for its second positive week in a row
- The Nasdaq Composite is up 0.97% week to date, on track for its second positive week in a row
- The small cap Russell 2000 is up 1.50% for the week, on pace for its eight positive week in nine.
— Jesse Pound, Christopher Hayes
Nasdaq 100 futures, S&P 500 futures fall at the open
Futures for the Nasdaq 100 and S&P 500 dipped 0.4% and 0.2%, respectively, when trading resumed on Thursday evening. Dow futures were little changed.
— Jesse Pound
Lululemon's slide highlights after hours movers
Shares of Lululemon sank 22% in extended trading after the apparel company cut its full-year earnings guidance, citing a "dynamic macroenvironment."
However, the firm was not the only company whose quarterly report led to a big after hours move:
- Docusign fell 17% after billings growth was slower than expected in the first quarter, according to FactSet.
- Broadcom slipped 3% after reporting only modest beats on the top and bottom lines, according to analysts surveyed by LSEG, and free cash flow that was weaker than expected, according to FactSet.
Check out more movers here.
— Jesse Pound
English (US) ·