Nasdaq, S&P 500 futures higher, but trim gains after payrolls
SPY•Nasdaq and S&P 500 futures pared gains after US employers added 165,000 jobs and unemployment ticked down to 4.1%. Rate futures priced about an 80% probability of a quarter-point Federal Reserve rate increase in December.
1. Futures pare gains
Nasdaq and S&P 500 futures were higher early Friday but pared gains after the jobs report. Dow futures were lower.
2. Rate hike bets rise
Employers added 165,000 jobs last month, more than twice what economists had anticipated, and the unemployment rate ticked down to 4.1%. Traders added to bets on a December rate increase, with rate futures pricing about an 80% probability of a quarter-point hike.
3. Markets in focus
The move followed a sharp selloff in stocks on Thursday. The Nasdaq recorded its deepest one-day drop in 19 months and confirmed it was in a correction, amid concern over tougher AI regulation after Democrats won control of Congress.
