A trader walks on the floor of the New York Stock Exchange (NYSE) in New York, US, on Monday, June 27, 2022.
Michael Nagle | Mayor Bloomberg | fake images
Stock futures fell overnight after a rally on Wall Street as investors awaited a key jobs report on Friday.
Futures linked to the Dow Jones Industrial Average fell 31 points, or 0.10%, to 31,336.00. S&P 500 futures were down 0.10% and Nasdaq 100 futures were down 0.14%.
Levi Strauss shares gained more than 3% after the bell as the retailer reported quarterly earnings that exceeded expectations and boosted its dividend.
GameStop fell about 5% in after-hours trading as the company fired its chief financial officer and said it would lay off employees as part of a restructuring plan. The stock posted a 15% gain in the regular session, a day after the video game retailer announced that its board approved a 4-for-1 stock split.
The action in futures followed a winning session on Thursday in which the S&P 500 posted a four-day bull run, matching the longest of the year so far, according to Bespoke Investment Group. The index is now down 19% from its all-time high in January.
Energy stocks led the gains during regular trading as the price of oil reversed from a recent decline. exxon mobile rose almost 3.2%, while Western Petroleum added about 4%. Chipmakers boosted the tech sector after Samsung’s strong earnings.
“You just don’t see the capitulation yet, I think there’s a little bit more that needs to happen between now and the Fed meeting in July,” said Mark Newton, head of technical strategy at Fundstrat. CNBC’s “Closing Bell: Overtime”“on Thursday. He added that stocks could pull back as early as Friday’s session.
June employment report expected to be released on Friday show another month of strong hiring as the labor market resists any signs of an impending recession or economic slowdown. Economists expect the US economy to have added 250,000 jobs last month and the unemployment rate to hold steady at 3.6%, according to Dow Jones.
In May, businessmen added 390,000 jobswhich was better than economists expected.
The S&P 500 is up about 2% during this holiday-shortened week, and is on track for its second positive week in the last three.
The Dow Jones Industrial Average and the tech-heavy Nasdaq Composite are up 0.92% and 4.4% this week, respectively. Both indices are also on track for their second positive week in the last three.
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