The release is expected to show a slight acceleration in hiring from April
US stocks closed mixed on Thursday as investors were cautious in anticipation of key jobs figures later in the day. The release is expected to show a slight acceleration in hiring and average hourly wage gains from the month before. The Nasdaq was down 0.09% after finishing the previous session at a record-high. The S&P 500 fell 0.02%, and the Dow Jones Industrial Average was up 0.2%. In individual stocks, shares of Five Below fell more than 10% as its profit and revenue last quarter fell short of expectations.
Similarly, Asian equities were mixed on Friday despite upbeat trade data from China. The trade balance was $82.62 billion last month, up from $72.35 billion in April. This was well ahead expectations and the biggest trade surplus since February. China’s Shanghai Composite Index closed 0.08% higher, while Hong Kong’s Hang Seng index declined 0.59%. Japan’s benchmark Nikkei 225 edged 0.22% lower after fresh data showed household spending in April was up 0.5% year-on-year to mark the first increase since February 2023.
One day after the European Central Bank cut interest rates for the first time since 2019, European stocks were mostly lower changed at the start of trading Friday, with markets in wait-and-see mode ahead of the release of US jobs data. London’s FTSE 100 index dipped 0.49%, the Paris CAC 40 index was down 0.66% and Frankfurt’s DAX 30 shed 0.68%. Adding to a cautious tone in the regional markets, ECB policymaker Schnabel said that they cannot pre-commit to a particular rate path, and the future inflation outlook remains uncertain.
Meanwhile, the US dollar turned directionless on Friday after yesterday’s slide, finishing the week in negative territory. The USD index has settled slightly above the 104.00 figure that continues to act as the immediate support so far. Should this level give up, the greenback may see a deeper retreat towards the 103.90-103.85 zone that capped losses in early-April. Should the US jobs report disappoint, the dollar would add to weekly losses later in the day.
