New York City, U.S. – Stock futures are on the rise as investors eagerly await the release of the April jobs report on Friday morning.
Futures linked to the Dow Jones Industrial Average saw an increase of 212 points, amounting to a 0.55% gain. Similarly, S&P 500 futures climbed nearly 0.3%, while Nasdaq 100 futures surged approximately 0.5%.
During after-hours trading, Apple shares soared over 6% following the announcement of a $110 billion share repurchase plan and better-than-expected financial results. Biotechnology company Amgen also experienced a boost of around 13% after exceeding earnings and revenue forecasts. In contrast, Cloudflare faced a 15% decline after reporting disappointing revenue guidance for the year.
Despite Thursday’s positive performance, major U.S. stock indexes are still on track to conclude the week with losses. The S&P 500 is down 0.7%, the Nasdaq is trailing by nearly 0.6%, and the Dow has decreased by 0.04% over the week.
Following the Federal Reserve’s meeting, Chairman Jerome Powell suggested that an interest rate hike is not imminent, but investors should not necessarily anticipate cuts in the near future either. The strong labor market and overall robust economy suggest that rate cuts are unlikely, providing a favorable outlook for equities.
On Friday, all eyes will be on the release of the April nonfarm payrolls report, particularly focusing on wage changes. Economists predict an addition of 240,000 jobs, a decrease from the 303,000 jobs added in March. They also anticipate year-over-year growth in average hourly wages by 4% and expect the unemployment rate to remain stable at 3.8%.