Futures trade cautiously as markets await jobs data
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Nonfarm Payrolls data for May due at 8:30 a.m. ET
Lyft gains after forecasting annual growth in bookings
GameStop slides on likely stock offering, quarterly sales drop
Futures down: Dow 0.08%, S&P 0.10%, Nasdaq 0.02%
Updated at 7:14 a.m. ET/1114 GMT
By Lisa Pauline Mattackal and Johann M Cherian
June 7 (Reuters) -U.S. stock index futures were little changed on Friday, as investors awaited a crucial employment report for confirmation ofgrowing slackness in the U.S. labor market, which would givethe Federal Reserve more leeway to cutinterest rates this year.
The benchmark S&P 500 .SPX and the Nasdaq .IXIC closed Thursday's session slightly lower, dragged by falling technology stocks .SPLRCT despite touching intraday record highs in early trading.
Some megacap technology stocks that took a hit in the previous session were also slightly higher premarket, but overall trading was subdued ahead of the May Nonfarm Payrolls data, expected later in the day.
Economists polled by Reuters estimate that the U.S. economy added 185,000 new jobs in May, with the unemployment rate expected to hold steady at 3.9%.
Markets have struggled to anticipate the Fed's moves this year. Expectations for rate reductions as early asMarch dissipated quickly, as economic data indicated a tight labor market and persistent price pressures.
However, Thursday's weekly jobless claims report was the latest in a string of data suggesting the labor market is easing, potentially giving policymakers more confidence that they can ease rates while avoiding resurgent inflation.
"As always, the payrolls are a bit of a lottery, but the last few days of labour market numbers confirm that we are on an easing labour market trajectory," analysts at ING said in a note.
Traders now see a 68%chance of a September rate reduction, according to the CME's FedWatch tool, and have priced in about two cuts this year, according to LSEG data. FEDWATCH.
Fresh inflation data is due next week, just before the Fed ends its two-day policy meeting on June 12. The central bank is expected to hold rates steady, but traders will await updated economic and policy forecasts for clues on the timing and pace of future cuts.
Artificial Intelligence darling NvidiaNVDA.O slipped0.4%, on track to extending the previous session's losses, withits valuation dipping below the $3 trillion mark, behind that of Apple AAPL.O, again making it the world's third most-valuable company.
The chipmaker's highly anticipated 10-for-1 share split is due after markets close, which could make the more-than-$1000 stock cheaper for investors.
At7:14 a.m. ET, Dow e-minis 1YMcv1were down 30 points, or 0.08%, S&P 500 e-minis EScv1were down 5.5 points, or 0.10%, and Nasdaq 100 e-minis NQcv1were down 3.75 points, or 0.02%.
Among others, GameStop GME.N dropped5.4% in choppy trading after announcing a potential stock offering and adrop in quarterly sales. The retailer'sshares had initially surgedafter stock influencer "Roaring Kitty" looked set to mark his return to YouTube at12 p.m. ET on Friday.
Other so-called meme stocks reversed gains, with AMC Entertainment AMC.N and Koss Corp KOSS.O down7.8% and 12.5%, respectively. Retail-focused trading platform Robinhood HOOD.O gained 0.8%.
Lyft LYFT.O shares rose 2.9% after markets closed on Thursday, following a forecast of 15% annual growth in its gross bookings through 2027.
The Fed's broad projection range The Fed's broad projection range https://reut.rs/3UMkU7m
Reporting by Lisa Mattackal and Johann M Cherian in Bengaluru, Editing by Pooja Desai
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