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The
Labor Department's report could show nonfarm payrolls surging by
at least 1 million last month because of the so-called seasonal
adjustment factors, which are also seen inflating employment at
auto assembly plants and in the leisure and hospitality sector.
"A worse-than-expected figure might trigger a positive market
reaction as it would suggest the economy is not overheating,"
Russ Mould, investment director at AJ Bell wrote in a client
note.
"Conversely a better-than-expected figure might trouble
investors if it suggests the economy is racing ahead, which
would stoke fears of interest rate hikes happening sooner than
currently guided by the U.S. Federal Reserve."
The much-awaited jobs numbers come on the heels of data that
showed a further decline in U.S. unemployment claims last week
and a spate of strong corporate earnings reports, which helped
lift the Nasdaq and S&P 500 indexes to record closes on
Thursday.
All three of Wall Street's main indexes are set to end the week
with nominal gains as a stronger-than-expected earnings season
overshadowed concerns about the pace of economic growth and
higher inflation.
At 6:38 a.m. ET, Dow e-minis were up 24 points, or 0.07%, S&P
500 e-minis were up 1.25 points, or 0.03%, and Nasdaq 100
e-minis were down 20.25 points, or 0.13%.
Zynga Inc tumbled 14.5% in premarket trading on a disappointing
full-year bookings forecast and announcement of a potential
acquisition worth over half a billion dollars.
U.S.-listed shares of ride-hailing service Didi Global Inc added
6.4% as Bloomberg News reported it is considering giving up
control of its valuable data as part of efforts to resolve a
Chinese regulatory probe.
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Sriraj
Kalluvila)
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