Nasdaq, S&P 500 futures climb ahead of key jobs report

Futures tracking the tech-heavy Nasdaq 100 and the benchmark S&P 500 indexes rose on Friday ahead of jobs data that could test the recent momentum in equities.

The data will come a day after Federal Reserve Governor Christopher Waller tempered rate-hike bets. Traders are now expecting a nearly 50% chance of a rate increase, compared with 63% before his comments, according to the CME FedWatch tool.

While Fed Chair Kevin Warsh's focus on inflation has prompted some analysts to question if labor market trends could influence the central bank's rate outlook, it is still expected to set the tone for the final session of the week.

After a subdued start to September, equities recovered their poise after Waller said he would support holding rates steady if data shows inflationary pressures are abating.

“Waller's comments matter for several reasons. This is the last major Fedspeak event before the September meeting blackout, leaving markets without further guidance until the decision,” said Felix Vezina-Poirier, chief strategist at BCA Research.