Stock futures rose as Wall Street awaited the October jobs report

According to Evercore ISI's Julian Emanuel, the market sees a new long-term trend.

U.S. stock futures were higher on Friday morning after major averages fell for a fourth day, and investors awaited the October jobs report from the Federal Reserve for clues on the pace of future rate hikes.

Futures on the Dow Jones industrial average gained 111 points, or 0.35 percent. S&P 500 futures were up 0.52%, while futures tied to the Nasdaq 100 rose 0.82%.

Investors took corporate earnings reports in extended trading. Mobile payment collection Block It rose 13% after beating expectations on the top and bottom lines in its third-quarter results. Shares Karvana It fell more than 9% after the company posted a bigger-than-expected loss and missed sales expectations.

In the regular session Thursday, the Dow Jones industrial average slipped 146.51 points, or about 0.5%. The S&P 500 lost nearly 1.1%, while the Nasdaq Composite slipped 1.7%. Investors pointed to the latest 0.75 percentage point hike from the Fed as well as Chairman Jerome Powell’s comments that the pivot may be further away than traders expected.

Friday’s October nonfarm payrolls report will give investors more clues about where the economy stands and how much work the central bank expects to do to bring down inflation. Economists polled by Dow Jones expect 205,000 jobs added last month and forecast the unemployment rate to remain at 3.5%.

“They’re trying to suppress demand, which makes tomorrow’s job numbers extremely important, because if you get a good number of jobs, things that aren’t broken on the job front, that’s going to create a really tough job. [the central bank] That’s more,” Guy Adami of the Private Advisory Group said Thursday on CNBC’s “Fast Money.”

Investors are awaiting a third-quarter report from AMC Networks before the bell Friday.

All the major leaguers are on track to end the week with a loss. Through Thursday, the Dow was down 2.62%, about to end a four-week losing streak.

The S&P and Nasdaq fell 4.64% and 6.84%, respectively, to snap two-week winning streaks. The tech-heavy Nasdaq is on pace for its worst weekly performance since January 2022.


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