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The
Labor Department's closely watched report, due at 8:30 a.m. ET
is expected to show nonfarm payrolls likely increased by 170,000
jobs last month, following 187,000 additions in July.
The unemployment rate, however, is forecast to stay unchanged at
3.5%.
"There have been indicators that the U.S. jobs market is finally
starting to lose some of its tightness, and if the NFP print
confirms this trend, it will be one less thing for the FOMC to
worry," said Tim Waterer, chief market analyst at KCM Trade.
The payrolls report will follow recent data showing a fall in
job openings and softer-than-expected private employment growth.
An inflation reading has also supported hopes of the Fed hitting
a pause on its market-punishing tightening campaign, pushing the
tech-heavy Nasdaq up to a four-week high.
Other data points are also on the radar for the day, with the
S&P Global Manufacturing Final PMI due at 9:45 a.m. ET and the
ISM Manufacturing PMI due at 10 a.m. ET. Both readings are for
August.
Money markets see an 89% chance of a rate-hike pause in the
September policy meeting and a 56% chance of a pause in the
November meeting, according to the CME FedWatch Tool.
Broadcom fell 4.2% premarket as the chipmaker projected
current-quarter revenue below expectations on softening
enterprise demand.
At 7:09 a.m. ET, Dow e-minis were up 121 points, or 0.35%, S&P
500 e-minis were up 14.75 points, or 0.33%, and Nasdaq 100
e-minis were up 22.25 points, or 0.14%.
Dell Technologies jumped 10.1% after the personal computer maker
raised its annual forecasts for revenue and profit as it
benefits from the artificial intelligence boom.
Lululemon Athletica gained 2.1% after the yogawear maker said on
Thursday its third quarter was "off to a solid start" and lifted
its annual profit and revenue forecasts for a second time.
(Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru;
Editing by Shounak Dasgupta)
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