Stock futures are little changed as September jobs report looms: Live updates

Stock futures were flat on Thursday night as traders awaited the release of September’s jobs report.

S&P 500 futures were up 0.03%, while futures tied to Dow Jones Industrial Average were up 10 points, or 0.02%. Nasdaq-100 futures advanced 0.07%.

In the regular trading day, the Dow and the Nasdaq Composite ended the session marginally higher. The S&P 500 posted a 0.2% advance to conclude the first trading day in October. All three indices are on pace for weekly losses, with the Dow off 1.7% in the period.

Treasury yields climbed to multiyear highs before retreating. The benchmark 10-year Treasury note yield soared to 5.344%, its highest level since 2002. The yield on the 30-year Treasury bond also reached its highest in 24 years.

Oil prices also climbed after The Wall Street Journal reported the U.S. is sending a third aircraft carrier strike group to the Middle East. Brent crude futures gained more than 4% to close at $102.31 per barrel, while U.S. West Texas Intermediate futures advanced 2.7% to settle at $92.87 a barrel.

September’s nonfarm payrolls report will be in the spotlight Friday, with the Dow Jones consensus calling for job growth of 84,000 and for the unemployment to hold steady at 4.1%.

The report comes as traders reassess the next move for the Federal Reserve. Fed funds futures trading suggests a 72% likelihood the central bank will stand pat in October.

Given that the current narrative suggests the labor market is stable, a strong jobs report alone would likely not push the Fed to hike in October, said Christopher Hodge, a chief U.S. economist at Natixis CIB Americas. Hodge expects growth in the manufacturing and construction sector amid a data center buildout.

“We expect payrolls to slow from the torrid pace from August, but still to register solid gains. We expect payrolls to increase by 60k, which if realized, would bring the three-month moving average of gains to 81k,” Hodge said.