Futures rise on Amazon results boost ahead of jobs data

Reuters

Futures rise on Amazon results boost ahead of jobs data

2024 11월 1 일, 오전 9:47 GMT

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Futures up: Dow 0.19%, S&P 500 0.29%, Nasdaq 0.41%

Nov 1 (Reuters) -U.S. stock index futures rose on Friday, buoyed after upbeat earnings from Amazon offset a tech-led selloff in the previous session, as investors awaited crucial nonfarm payrolls data for clues on the Federal Reserve's interest-rate trajectory.

Amazon.com AMZN.O soared 5.8% in premarket trading, as strong retail sales lifted its profit above Wall Street estimates.

That helped raise market morale after a tech-driven slump in Thursday's session, as cost warnings on AI-related infrastructure from Meta Platforms META.O and Microsoft MSFT.O saw the Nasdaq .IXIC slump 2.7%, its worst day in nearly two months.

Nonfarm payrolls data is due later in the day, with economist polls by Reuters forecasting that the economy added 113,000 jobs in October. However, analysts said labor strikes and hurricanes could skew the month's data.

Meanwhile, Apple AAPL.O dropped 1.1% despite beating quarterly sales forecasts, as investors worried about a decline in China sales.

While investors are largely certain the Fed will cut rates by 25 basis points in November, the outlook for subsequent months is less clear as economic data remains robust.

Treasury yields have risen to nearly four-month highs in recent weeks, pressuring equities, as traders speculate that the central bank will adopt a less dovish stance.

The Nov. 5 U.S. presidential election is also on investors' minds, with many analysts predicting a close race and some uncertainty over the final outcome. The Federal Reserve's November meeting kicks off the following day.

Unsurprisingly, equity volatility has risen in recent days, with the CBOE Volatility Index .VIX trading at a more than three-week high.

"(The) US October Jobs Report and Election Date pose significant risks to both sides of current rates outlook, we think the Fed is more likely to change its forward guidance than its rate decision next week in case of data (or) political surprises," analysts at Danske Bank wrote.

At 5:15 a.m. ET, Dow E-minis 1YMcv1 were up 78 points, or 0.19%, S&P 500 E-minis EScv1 were up 16.5 points, or 0.29% and Nasdaq 100 E-minis NQcv1 were up 82.5 points, or 0.41%.

Intel INTC.O jumped 6.1% after a better-than-expected revenue forecast, lifting other chip stocks, with Nvidia NVDA.O rising 2%.

Shares of Boeing BA.N rose 2.4% after a union of striking workers endorsed an improved contract offer that includes a 38% pay rise, with members expected to vote on Monday.

Chevron CVX.N rose 1.1% and Exxon Mobil XOM.N gained 0.9% ahead of results expected before the bell.

U.S. Manufacturing PMI data is also due later in the day.

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Reporting by Lisa Mattackal in Bengaluru; Editing by Pooja Desai

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