U.S. stock futures rose slightly on Friday, indicating losses were avoided as nervous investors focused on rising oil prices ahead of the important monthly jobs report.
Dow Jones Industrial Average (^DJI) futures rose about 0.2%, while S&P 500 (^GSPC) futures rose 0.3% following their biggest single-day decline since February. The tech-heavy Nasdaq 100 (^NDX) contract rose 0.3%.
Key indicators on Thursday as oil prices hit six-month highs, concerns of accelerating inflation grow and a slew of Federal Reserve speakers shakes confidence that interest rate cuts will come soon. fell.
Stocks now face a test with the much-anticipated March jobs report, with Fed policymakers watching closely as they consider economic health and easing borrowing costs. The statistics are expected to show signs of cooling in the labor market, which has remained strong for two months. The job gains have shocked Wall Street since the beginning of the year.
Market tensions are rising following this week's turbulent stock market movements. Investors are juggling economic announcements and corporate news alongside rising tensions in the Middle East, seen as a curveball for a market more accustomed to FedSpeak discussions than geopolitics.
Oil prices remained near multi-month highs on Friday, rising sharply amid rising tensions between Israel and Iran. International benchmark Brent crude oil futures (BZ=F) topped $91 per barrel, while West Texas Intermediate futures (CL=F) traded at $86.77.
The monthly jobs report, scheduled to be released Friday at 8:30 a.m. ET, predicts that nonfarm payrolls will increase by 213,000 in March and the unemployment rate will fall to 3.8%. .
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