US stock futures traded in green before the opening bell on Friday, October 2 ahead of jobs data announcement today, while bond yields retreated.
Nasdaq futures surged 0.77% to 30,996.5, S&P 500 gained 0.49% to 7,761.5, while Dow Jones Industrial Average traded 0.51% higher at 51,501 by 2:35 pm IST.
Stock futures were up on the backdrop of several global cues, including cooling down oil prices, possibly indicating a positive start for the Wall Street today.
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Here are three reasons why US stock market is expected trade higher today -
Treasury Yields Dip
Before retreating on Friday, Treasury yields rose to multiyear highs, with the benchmark 10-year Treasury yield hit 5.34%, marking its highest level since 2002. The 30-year Treasury bond yield soared to its highest level in 24 years. Yields pulled back during early trade on Friday, trading marginally lower
Oil Prices Slip
Oil prices dropped following reports that the UK and Europe were exloring the possibility of releasing strategic fuel reserves. The Trump administration had urged European allies to “immediately” release diesel supplies. Brent crude oil prices slipped around 3.2% lower at $99.1 per barrel, while US West Texas Intermediate crude prices were down by 3.1% to $89.1 a barrel.
US Jobs Report
On Friday, the US Burin the range of eau of Labor Statistics will release the nonfarm payrolls report for the month of September. Economists forecast job growth 85,000 to 90,000 and unemployment rate stable at 4.1%, Reuters reported,
The jobs report is a key economic indicator as the US Federal Reserve aims to fight inflation.Bloomberg economists estimate the how nonfarm payrolls to jump 90,000 last month after rising the most since March in August. Investors will take strong data “as good news and a very good sign for third-quarter earnings,” Mabrouk Chetouane at Natixis IM told Bloomberg News. “The market is pricing growth and Fed hikes accordingly.”
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