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Traders work on the floor of the New York Stock Exchange during afternoon trading on October 03, 2024 in New York City.
Michael M. Santiago | Getty Images
U.S. stock futures were flat early Friday as traders looked ahead to the widely anticipated release of September's jobs report on Friday morning.
Futures tied to the Dow Jones Industrial Average lost 7 points, or 0.02%. S&P 500 futures and Nasdaq 100 futures traded around the flatline.
The closely watched port strike also ended Thursday night as the International Longshoremen's Association and the United States Maritime Alliance reached a tentative agreement on wages. The parties also agreed to extend their existing contract into January to allow more time for further negotiations.
These moves came after the major averages ended Thursday's trading session with losses. The 30-stock Dow fell 184.93 points, or 0.44%, while the S&P 500 slid 0.17%. The tech-heavy Nasdaq Composite ended the day 0.04% lower.
U.S. oil futures climbed about 5% Thursday, weighing on the major averages. Energy prices have taken a leg higher this week, spurred by heightened tensions in the Middle East after Iran launched a missile attack on Israel.
Investors are bracing for Friday's release of the September payrolls report, which will be the next big catalyst for the market. Economists polled by Dow Jones expect that nonfarm payrolls will show growth of 150,000, up from 142,000 in August. The unemployment rate is expected to hold steady at 4.2%.
Friday's employment data will likely only move markets if it comes in below expectations, said Barbara Doran, founder of BD8 Capital Partners.
"I think the number tomorrow is important, but I don't think it will have a big impact, and I'd also be very surprised if it's not a good number," she said on CNBC's "Closing Bell: Overtime" on Thursday afternoon.
Mounting geopolitical tensions have contributed to a shaky start in October for the stock market. These headwinds could weigh equities lower so they end the week in negative territory, Doran added.
Indeed, all three major averages are on pace to snap a three-week win streak. The S&P 500 is off 0.7% week to date, as is the Dow. The Nasdaq is on track for a loss of 1.1% in the period.
Hong Kong markets resume rally as investors weigh China stimulus, oil gains
SINGAPORE — Asia-Pacific markets traded mixed on Friday as concerns over Middle East tensions keep investors on edge in the run up to September's U.S. payrolls report.
Hong Kong's Hang Seng index is up over 2% at 2:30 p.m. local time, while South Korea's Kospi traded 0.36% higher.
Australia's S&P/ASX 200 lost 0.67% to close at 8,150 points. Japan's Nikkei 225 added 0.22% to close at 38,635.62 points.
—Lee Ying Shan
U.S. port strike ends
The longshoremen's port strike ended on Thursday, just two days after it began.
"The International Longshoremen's Association and the United States Maritime Alliance, Ltd. have reached a tentative agreement on wages and have agreed to extend the Master Contract until January 15, 2025 to return to the bargaining table to negotiate all other outstanding issues," The International Longshoremen's Association and the United States Maritime Alliance announced in a joint statement.
About 50,000 members of the ILA union walked off the job earlier this week. This strike was the first by the ILA since 1977.
— Lisa Kailai Han, Kif Leswing
Where the major averages stand
Spirit Airlines plummets 24% after WSJ reports the carrier is exploring bankruptcy
Spirit Airlines' five-day performance
Back in March, Spirit and JetBlue Airways terminated their agreement to merge, weeks after the Justice Department won a lawsuit to stop the deal. The DOJ said that the merger would result in higher fares for budget-conscious customers.
Spirit Airlines have been languishing in 2024, down more than 86%. Shares tumbled to a new 52-week low on Thursday, closing lower by about 3.5%.
— Darla Mercado
Energy continues to lead S&P 500's performance on Thursday
Mounting geopolitical tensions in the Middle East have sent oil prices higher this week. On Thursday, the energy sector continued to be the outperformer in the S&P 500.
Eight of the broader index's 11 sectors traded lower on Thursday. The consumer discretionary sector was the laggard and ended the day 1.28% lower.
Eight of the 11 sectors are also on pace to end the week lower. Consumer discretionary stocks are again the laggard, with a 2.81% week-to-date decline. Energy, the best performing sector, is currently up 5.89% on the week and on pace to notch its best weekly performance since March 2023.
— Lisa Kailai Han, Christopher Hayes
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