US stock-index futures slid as investors awaited employment data to gauge whether the world’s largest economy can avoid a recession.
Contracts on the S&P 500 and Nasdaq 100 gauges fell at least 0.1 per cent each, signaling US stocks will pare weekly gains. Treasuries rose, with the 10-year yield shedding 1 basis point. The Bloomberg Commodity Index headed for the longest streak of weekly losses since March 2020. Twitter Inc. fell in premarket New York trading after a report Elon Musk’s proposed acquisition of Twitter Inc. may fall apart.
“With the recession talk taking centerstage, investors are increasingly focused on the jobs figures,” Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, wrote in a note. “A strong read could bring forward the idea that the US economy could soft-land despite tighter Fed policy, or that the Fed would allow itself to get more aggressive to fight inflation.”
On Thursday, Governor Christopher Waller and James Bullard, president of the St. Louis Fed, both stressed the need to get policy into restrictive territory to confront the hottest price pressures in 40 years, even if this meant slowing growth. Both are voting members of the Federal Open Market Committee this year.
The Bloomberg commodity gauge was on course for its fourth weekly loss. West Texas Intermediate oil futures traded below US$103 a barrel, putting the US benchmark on course for a weekly drop of more than 5 per cent.
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