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Stock index futures were mixed on Friday as investors awaited non-farm payrolls data due later in the day.
S&P 500 Index Futures (SPX), Nasdaq 100 Index futures (US100:IND) remained unchanged, and Dow Jones Index futures (India) -0.1%.
10-Year Treasury Bond Yield (US10Y) rose 1 basis point to 4.30%. 2-year return rate (US2Y) remained unchanged at 4.75%. See how other yields trade across the yield curve here.
Thursday’s trading session was fairly quiet, with average prices across major markets mixed. On the same day, the European Central Bank also lowered its policy interest rate by 25 basis points, the first rate cut in the past five years, amid signs that price pressures have weakened.
“The move reinforces the view that the global monetary policy cycle is shifting into an easing mode, with investors anticipating further rate cuts ahead,” said Deutsche Bank’s Henry Allen.
Attention is now focused on the May non-farm payrolls report, due out before the bell today, with economists expecting the report to rise to 182,000.
“Friday is the U.S. jobs report. There are pretty serious issues with the quality of these data – poor survey response, poor assumptions about business creation, and significant differences between establishment and household surveys. Markets will react, Because it’s tradition,” said Paul Donovan of UBS Group AG.
Donovan added that the report is expected to be boring, with key numbers essentially the same as last month.
April consumer credit data is expected to be released today at 3pm ET, with traders expecting the data to rise $9.30B.
