Traders work on the floor of the New York Stock Exchange. Stock futures edged lower Thursday as investors look ahead to September’s payrolls report due later this week, while tensions in the Middle East persist. Futures tied to the Dow Jones Industrial Average lost 144 points, or 0.3%. S&P 500 futures fell 0.3%, while Nasdaq 100 futures dipped 0.5%. October trading is off to a rough start as escalating tensions in the Middle East dampen investors’ enthusiasm. Stocks tumbled on Tuesday after Iran launched a missile attack on Israel.
Investors are preparing for further uncertainty as Israel starts a ground operation into Lebanon. The growing fears have also driven oil prices higher. U.S. crude futures rose more than 1.5%, bringing its week-to-date advance to 4.6%. Wall Street is also looking ahead to new labor market data, with the release of weekly initial jobless claims Thursday.
The main event for traders — and the Federal Reserve as it has embarked on a rate-cutting cycle — is September’s payrolls report, due on Friday morning. “While the stock market is grappling with a variety of worries — including escalating tensions in the Middle East, a port strike and election uncertainty — liquidity is key and there is plenty of it now that the Fed has started to cut interest rates … that means that markets can continue to grind higher,”
said Mary Ann Bartels, chief investment strategist at Sanctuary Wealth. “Embrace October’s volatility, as there is still plenty of fuel left in this bull market,” she added. In corporate news, denim maker Levi Strauss plunged about 10% after delivering mixed results for the fiscal third quarter. The company also announced that it’s considering a sale of its Dockers business, which is dragging down the overall business. This article Stock futures edge lower as traders await Friday’s jobs report:
