Stocks seek direction ahead of September jobs report

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U.S. equity futures were little changed on Friday morning as traders waited for the September jobs report to be released after the Senate passed a short-term increase in the debt limit.

Dow Jones Industrial Average futures were up 19 points, or 0.05%, while S&P 500 and Nasdaq 100 futures were up 0.02% and 0.06%, respectively.

On Thursday night, the Senate passed a measure that would raise the debt ceiling by $ 480 billion, giving the Treasury enough money to pay the bills until December 3. A House vote is expected in the coming days.

THE SENATE VOTE TO LIFT THE $ 480 BILLION DEBT CEILING

Meanwhile, the September jobs report, due at 8:30 am ET, is expected to show that the US economy created 500,000 jobs last month as the unemployment rate slipped to 5.1%. In August, 235,000 jobs were created.

Prior to the report, the 10-year yield rose 1 basis point to 1.58% and was on track to close at its highest level in six months.

In stocks, Vaxart Inc.’s oral COVID-19 vaccine candidate reduces airborne transmission of the virus in an animal model, according to a study conducted by Duke University. The actions of other vaccine makers, including Moderna Inc., have taken the news with enthusiasm.

Tesla Inc. will move its headquarters to Austin, Texas, from Palo Alto, Calif., CEO Elon Musk said Thursday. Still, the electric car maker plans to increase production at its plants in California and Nevada.

Under these agreements, the insurer Chubb Ltd. has agreed to purchase the life, accident and supplementary benefits business of Cigna Corp. in Asia-Pacific and Turkey for $ 5.75 billion.

In commodities, West Texas Intermediate crude oil jumped 50 cents to $ 78.80 per barrel and gold edged up $ 1.20 to $ 1,760.40 per ounce.

Overseas markets were marked by weakness in Europe and strength in Asia.

European stock markets were down slightly with the UK FTSE 100 dropping 0.01%, the German DAX 30 losing 0.1% and the French CAC 40 slipping 0.4%.

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In Asia, Hong Kong’s Hang Seng index gained 0.55%, China’s Shanghai Composite gained 0.67% and Japan’s Nikkei 225 gained 1.34%.


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