Equity futures were moving lower, following the worst day for the Dow and Nasdaq in more than two years.
U.S. stock futures wobbled ahead of important nonfarm payroll data on Friday, and after a frantic day of selling on Wall Street, driven by investor concerns over the Federal Reserve’s ability to get inflation under control.
What’s driving markets? Investors will turn their attention to jobs data, with April nonfarm payrolls expected to show a gain of 400,000, from a 431,000 rise in the prior month, according to a survey of economists from Dow Jones and the Wall Street Journal. Chris Weston, head of research at Pepperstone, said the inflationary component of payrolls — average hourly earnings — could be an even bigger market mover than the jobs numbers themselves.
Major indexes are set to end the week largely unchanged, which belies volatile action seen in recent days. Stocks surged Wednesday after as-expected Federal Reserve tightening, and perceptions that the central bank may be less hawkish than perceived. But those gains reversed, and then some on Thursday.
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