US Stock Futures Range Bound Ahead Of Payroll Data
US stock futures remained range bound on Friday, ahead of the government's monthly employment report. Futures for the Dow Jones Industrial Average fell 11 points to 10,298. S&P 500 futures gained 0.4 points to 1,090, while Nasdaq 100 index futures rose 2.75 to 1,840.
Stocks had been declining through August, with growing concern over stagnation in the pace of economic recovery. Investors have exhibited some optimism so far in September, following encouraging housing and manufacturing data.
Investors remain on the sidelines on Friday, ahead of the long Labor Day weekend. The jobs market is a very important indicator of the health of the economy, as it influences spending, which in turn determines how well companies will perform. Unemployment levels have been high and spending has been impacted by this.
Expectations are for the unemployment rate to have risen to 9.6% last month, from 9.5% in July. Experts are estimating 100,000 jobs to have been lost in August, as compared to 131,000 in the previous month.
The recent healthcare and financial regulation reforms as well as potential tax hikes are discouraging companies from increasing their workforce.
Campbell Soup Co (NYSE: CPB) has announced higher-than-expected quarterly earnings, despite a decline in sales. The earnings were aided by cost cuts and sales of V8 juice drinks.
Take-Two Interactive Inc (NASDAQ: TTWO) reported on Thursday its quarterly profit significantly ahead of expectations. The videogame maker raised its guidance.
Shares of Celldex Therapeutics Inc (NASDAQ: CLDX) plunged in premarket after Pfizer Inc (NYSE: PFE) terminated a co-development deal.
Goldcorp Inc (NYSE: GG) has agreed to acquire Andean Resources Ltd (NYSE: AND) for $3.2 billion, emerging victorious in the bidding war with Eldorado Gold Corp (NYSE: EGO).
Read more from Benzinga's Markets.
