US Futures Steady Ahead of Key Jobs Report

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Market Watch: US Futures Hold Steady Ahead of Jobs Report

Team FS

08/Mar/2024

US stock futures remain stable ahead of key jobs report
Broadcom and Costco see declines in extended trading due to disappointing earnings
S&P 500 and Nasdaq Composite hit new record highs in Thursday's trading
Tech giants like Nvidia, Tesla, and Amazon lead gains
Federal Reserve's Powell reaffirms plans to reduce borrowing costs this year

As anticipation builds for the release of the monthly jobs report, US stock futures are holding steady. However, extended trading saw declines for tech giant Broadcom and retail giant Costco, following disappointing quarterly reports. Despite this, Thursday's regular trading session saw significant gains, with both the S&P 500 and Nasdaq Composite reaching new record highs. The Dow also experienced an uptick.

In Thursday's trading, technology, communication services, and materials sectors led the charge, with nine out of the 11 S&P sectors finishing higher. Mega-cap tech names like Nvidia, Tesla, Meta Platforms, Microsoft, and Amazon saw strong gains, contributing to the overall market positivity.

The optimism in the market was further fueled by Federal Reserve Chairman Jerome Powell's testimony before the US Senate, where he reiterated the Fed's commitment to reducing borrowing costs this year.

However, on the data front, initial jobless claims came in slightly higher than expected, and labor costs for the fourth quarter were revised slightly lower.

Overall, the market remains cautiously optimistic, with investors eagerly awaiting the release of the jobs report and closely monitoring developments in monetary policy.

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Market Watch: US Futures Hold Steady Ahead of Jobs Report

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