Stock futures are slightly higher Friday morning as investors await the release of a closely watched monthly report on the labor market.
Futures tied to the Dow Jones Industrial Average were up 0.3% recently, while those linked to the S&P 500 and tech-heavy Nasdaq each rose 0.4%. The major indexes fell on Thursday as investors digested a handful of economic indicators and news of progress on trade talks between the U.S. and China, while shares of Tesla plunged as a spat between CEO Elon Musk and President Donald Trump played out in a very public way.
Market participants are focused this morning on the May jobs report, which is slated to be released at 8:30 a.m. ET, as they look for indications of how Trump’s tariff policy is affecting the economy. The Labor Department’s monthly reading on employment comes after other labor market indicators this week have shown signs of weakness. Economists expect today’s report to show that U.S. employers added 125,000 jobs last month, down from the surprisingly high 177,000 in April.
Tesla (TSLA) shares were up 5% in recent premarket trading, after tumbling 14% on Thursday and pushing the EV maker’s market capitalization below $1 trillion.
Other mega-cap technology stocks were mostly higher, with Microsoft (MSFT), Nvidia (NVDA), Apple (AAPL), Amazon (AMZN), Alphabet (GOOG) and Meta Platforms (META) all gaining ground. Shares of Broadcom (AVGO) bucked the trend, falling about 2.5% ahead of the opening bell, after the chip giant released strong quarterly results but issued a forecast that fell short of lofty expectations.
Among other noteworthy movers this morning, shares of Lululemon (LULU) plunged more than 20% after the athletic apparel maker trimmed its full-year outlook, offsetting quarterly results that came in slightly better than expectations.
Crytpo-related stocks were gaining ground as the price of bitcoin jumped to $104,000, up from a low of $100,500 yesterday. Major bitcoin buyer Strategy (MSTR), crypto exchange Coinbase Global (COIN) and bitcoin miner Riot Platforms (RIOT) were each up about 2%.
The yield on the 10-year Treasury note, which affects borrowing costs on a wide range of loans, notably mortgages, was holding steady at 4.39%. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, rose 0.2% to 98.97.
Gold futures were up 0.3% to $3,385 an ounce, while West Texas Intermediate futures, the U.S. crude oil benchmark, slipped 0.1% to $63.30.