U.S. stock index futures pointed to a slightly weak open Friday, after the latest jobs report disappointed Wall Street.
Dow Jones industrial average and S&P 500 futures fell 20 points and 3.25 points, respectively, while Nasdaq 100 futures declined 7.75 points.
The Bureau of Labor Statistics said the U.S. lost 33,000 jobs last month, marking the first contraction in the labor market since 2010. Economists polled by Reuters expected a gain of 90,000 jobs.
Despite the weak headline number, average hourly earnings rose to an annualized rate of 2.9 percent. Hourly earnings are closely watched by investors looking for indications on inflation. The unemployment rate also fell to a 16-year low of 4.2 percent.
Equities have had a banner week, with the S&P posting its sixth consecutive record close on Thursday. That streak is the index’s longest since 1997. The Dow and Nasdaq composite also posted highs. The small-caps Russell 2000 has also hit all-time highs this week.
“We’ve seen this reflation trade and that’s correlated with tax reform,” said Jeff Zipper, managing director of investments at the Private Client Reserve of U.S. Bank. “We’re also seeing this synchronized move higher, not just globally but also domestically.”
On the final trading day of the week, a number of members from the U.S. Federal Reserve are set to deliver remarks Friday. Atlanta Fed President Raphael Bostic and Dallas Fed President Robert Kaplan will be the latest individuals to speak in Austin at the Investing in America’s Workforce Capstone conference.
Elsewhere, New York Fed President William Dudley will likely be weighing in on the importance of higher education for economic mobility at the 56th Annual Financial Literacy & Economic Education Conference, which is set to take place in New York.
Meanwhile in Missouri, St. Louis Fed President James Bullard will be at the Bi-State Development 2017 Annual Luncheon Meeting in St. Louis.
On the commodities front, oil prices came under pressure during early trade, with traders showing signs of concern as another tropical storm appeared to be making its way to the Gulf of Mexico.
At 7:46 a.m. ET, U.S. crude traded around $50.27 per barrel, while Brent hovered around $56.75.
Overseas, European stocks were trading in a mixed range during morning market trade, while markets in Asia closed on a positive note. In the previous session, U.S. stocks hit record highs, with the S&P 500 having posted its first eight-day winning streak since 2013.[“Source-cnbc”]