Stock futures trade lower as selling continues ahead of jobs report

There is going to be a lot of volatility in the market: Victoria Fernandez

Jim Awad, Victoria Fernandez and Michelle Girard provide insight on the stock market and Federal Reserve on ‘Making Money.’

U.S. equity futures were poised on Friday to add to the selling seen in Thursday's equity market carnage and ahead of the release of the most anticipated economic report of the month.

The major futures indexes suggest a decline of 0.3% when the final trading session of the week gets underway.

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U.S. stocks tanked Thursday, posting the worst session since 2020.

The yield on the 10-Year Treasury was at 3.07% on Friday morning. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 32997.97 -1,063.09 -3.12%
SP500 S&P 500 4146.87 -153.30 -3.56%
I:COMP NASDAQ COMPOSITE INDEX 12317.691246 -647.16 -4.99%

Wall Street's benchmark S&P 500 index plunged 3.6% on Thursday for its biggest one-day loss in two years. The Nasdaq Composite tumbled 5%, while the Dow Jones Industrial Average slid over 1,059 points or 3%. 

The slide came as worker productivity fell to its lowest level since 1947, falling 7.5% in the first quarter, according to the Bureau of Labor Statistics. This dismal reading comes one day after the Federal Reserve raised interest rates by a half a point for the first time in two decades and Chairman Jerome Powell signaled the economy can avoid a recession.

ECONOMY LIKELY ADDED JOBS IN APRIL DESPITE WORSENING LABOR SHORTAGE

The key economic report of the week comes Friday morning when the Labor Department is expected to say the U.S. economy added 391,000 new nonfarm jobs in April. That’s down from 431,000 in March, and would mark a record 12th consecutive month of gains at or above 400,000. The unemployment rate is anticipated to slip to 3.5%, down from 3.6% in March.

A busy week for earnings season wraps up Friday morning with a handful of key names set to report, including Cigna, Goodyear, Dish Network, Under Armour and DraftKings.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City. REUTERS/Brendan McDermid (REUTERS/Brendan McDermid / Reuters Photos)

Asian stocks followed Wall Street mostly lower Friday as fears spread that U.S. interest rate hikes to fight inflation might stall economic growth.

Hong Kong's Hang Seng plunged 3.7% and China's Shanghai Composite Index fell 2.2%. Tokyo gained 0.7%, as trading resumed after a holiday.

Russia's war on Ukraine, high oil prices and global supply chain disruptions are adding to investor unease.

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Oil prices gained Friday morning on concerns about supply as the European Union prepares new sanctions on Russia, which would include an embargo on crude oil.

U.S. West Texas Intermediate (WTI) crude added 29 cents, or 0.3%, to $108.53 a barrel. 

Brent futures gained 30 cents, or 0.3%, to $111.20 a barrel.

Bitcoin traded below $37,000.

After the closing bell on Thursday, DoorDash sales soared in the first quarter as the company added more customers, sending shares up 8% in the extended session.

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Bausch + Lomb Corp. priced its IPO at $18 a share Thursday, falling short of expectations as it became the first big company in months to try going public in a turbulent stock market.

The Associated Press contributed to this report.

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