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The
benchmark S&P 500 index closed at a record high on Thursday
after Fed Chair Jerome Powell said the central bank was "not
far" from gaining the confidence that inflation is falling
sufficiently to begin cutting interest rates.
Investors awaited the closely watched U.S. jobs report at 8:30
a.m. ET that is likely to show job growth slowed in February
after two straight months of robust gains.
Nonfarm payrolls likely increased by 200,000 jobs last month
after surging 353,000 in January, according to a Reuters survey
of economists.
Also on tap is a report that is expected to show the
unemployment rate unchanged at 3.7% for the fourth consecutive
month and a marginal slowdown in the increase in annual wages.
Signs of persistent strength in the labor market could make it
difficult for the Fed to start cutting interest rates in June as
currently envisaged by financial markets.
At 05:00 a.m. ET, Dow e-minis were down 47 points, or 0.12%, S&P
500 e-minis were up 5 points, or 0.1%, and Nasdaq 100 e-minis
were up 18 points, or 0.1%.
AI darling Nvidia gained 3.2% in premarket trading,
outperforming megacap growth and technology peers.
Chip stocks such as Micron Technology and Intel rose more than
1% each.
Broadcom slid 1.6% after the tech company's full-year forecast
failed to impress investors.
Shares of Marvell Technology shed 5.8% after it forecast
first-quarter results below market expectations on soft demand
in its wireless infrastructure, consumer and enterprise markets.
Gap climbed 6.4% after the retailer beat Wall Street
expectations for fourth-quarter results, buoyed by strong demand
on improved product offerings at its Old Navy and namesake
brands during the holiday season and lower markdowns.
(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Maju
Samuel)
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