Nasdaq-100 ETF Futures Drop 1.6% After 92K Job Loss
U.S. February non-farm payrolls plunged by 92,000 versus the 50,000 forecast, with January revised to -17,000, triggering Nasdaq-100 ETF futures to fall roughly 1.6%. Oil prices topped $90 per barrel, unemployment rose to 4.4%, and average hourly wages advanced 0.4%.
1. February Payrolls Plunge
U.S. non-farm payrolls fell by 92,000 in February, missing the 50,000 consensus and marking a downward revision of January to -17,000. The trailing four-month average dipped to -21,000 jobs, the first negative streak since the COVID-19 pandemic.
2. Tech-ETF Futures Slide
Nasdaq-100 ETF futures dropped about 1.6% in pre-market trading as investors reassessed growth outlooks following the weak labor data. The decline reflects concerns over consumer demand and corporate hiring plans in technology sectors.
3. Sector Trends and Wage Growth
Healthcare lost 28,000 jobs due in part to a 41-day nursing strike, while Information Systems and Transportation/Warehousing each shed 11,000 positions. Average hourly wages rose 0.4% month-over-month and 3.8% year-over-year, offering a modest silver lining.
4. Inflation Indicators and Rate Outlook
Oil surged past $90 per barrel, unemployment climbed to 4.4% and labor force participation fell to 62.0%, the lowest since December 2021. These developments may delay Federal Reserve rate cuts, keeping pressure on high-duration tech assets.