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US Stock Futures Steady Ahead of Key November Jobs Report

US stock futures were steady early Friday morning as investors anticipate the November jobs report scheduled for release today.

SageFX - Dec, 03, 21

*Sage FX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.

Principal Points

  • Wall Street stock futures remained steady early Friday morning after equities gained Thursday
  • Key November jobs report will show the pace of economic recovery in the US

What’s Moving in the Markets?

Stock futures were steady early Friday morning after investors lifted major indexes in the US on Thursday. Also, today is non-farm payrolls Friday, meaning it’s time for the latest jobs report. To this end, high volatility will be expected and traders will be looking for opportunities to enter the financial market.

In more detail, futures on major indexes, Dow Jones, S&P500 and Nasdaq, remained pinned near unchanged levels in pre-market trading. On Thursday, however, all three stock benchmarks finished the day in the green, reversing early-week losses.

To this end, investors broadly increased risk appetite as Omicron fears continued to sway the markets. More specifically, concerns that leading economies, the US included, may limit movement or impose economic restrictions, put the markets on alert. Later in the week, investors shrugged off worries over the new virus strain even after the first Omicron case was confirmed in the US.

What’s the Big Picture for Traders?

In that context, today’s market session promises to bring increased volatility, driven by several factors. First, it appears that traders remain optimistic toward the economic outlook for growth. On that note, they may decide to try and support the move up in equities across the board.

And second, today’s jobs report is expected to show solid labor-market growth for the month of November. In detail, economists expect the US jobs market will show 581,000 new jobs added over the past month.

Moreover, investors have another reason to stay positive toward the prospects for growth in the financial markets. In the US, initial jobless claims totaled 222,000 for the week ended Nov. 27. It was below analyst expectations and confirmed the downward trajectory of first-time filings for unemployment benefits.

What’s Happening in Cryptocurrency Markets?

In cryptocurrency trading, major digital assets this week keep trading near the flat line. Bitcoin, for example, is currently on track to log a losing week. More specifically, the price of bitcoin now floats near $57,000. For comparison, it opened for trading this week with a price level of $57,200 per coin. In other words, the original cryptocurrency is now less than 1% to the downside, facing a third-straight losing week.

Ether, however, has been moving steadily to the upside. In practice, the Ethereum token surged as much as 20% this week to approach its all-time high of $4,860. While it reached $4,800 earlier in the week, the second-biggest coin slipped from its highs. Presently, Ether is trading near $4,550, up about 6% on the week.

With this in mind, many analysts point to a bright future for crypto assets. Not only that, some are calling for new all-time records for leading tokens still this year.

What to Watch in the Markets?

On Friday, the jobs report (officially non-farm payrolls) will be the highlight of the day. The report is slated for release at 08:30 am EST. Also, the US will reveal its unemployment rate at the same time. Again at 08:30 am, Canada will publish its employment change for November.

Against this backdrop, increased volatility is expected in the markets, particularly forex trading.


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