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U.S. stock markets started the month on a solid footing after a
brutal first half of the year amid aggressive rate hikes by the
Federal Reserve. The S&P 500 and the Nasdaq recorded their
fourth successive higher close on Thursday.
Traders are bracing for another 75-basis-point rate hike by the
Fed in July to stamp out soaring inflation, but stock markets
have found some reprieve this week after the U.S. central bank
hinted at a more tempered program of rate hikes.
Fed Governor Christopher Waller and St. Louis Fed President
James Bullard said on Thursday they would support another
75-basis-point rate increase later this month, but a downshift
to a slower pace afterward.
The closely watched Labor Department report, due at 8:30 a.m. ET
(1230 GMT) is expected to show nonfarm payrolls likely increased
by 268,000 jobs last month after rising by 390,000 in May.
However, the data is also expected to show jobless rate remained
near pre-pandemic lows at 3.6% and average hourly earnings
increased 0.3% for a third straight month.
Meanwhile, European and Asian shares struggled after Japan's
former Prime Minister Shinzo Abe died on Friday hours after he
was shot while campaigning for a parliamentary election.
At 07:08 a.m. ET, Dow e-minis were down 23 points, or 0.07%, S&P
500 e-minis were down 9.5 points, or 0.24%, and Nasdaq 100
e-minis were down 66.5 points, or 0.55%.
Levi Strauss rose 3.9% in premarket trade after the company's
second-quarter results beat estimates, helped by strong demand
for its denim jeans and jackets.
Twitter Inc fell 4% after a report said Elon Musk's deal to buy
the social media company is in "serious jeopardy".
(Reporting by Amruta Khandekar in Bengaluru; Editing by Shounak
Dasgupta)
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