Airbnb and Cloudflare Earnings Boost Nasdaq Futures Ahead of Jobs Report

TLDR

• Dow futures fell Friday while Nasdaq and S&P 500 futures edged higher ahead of July jobs data
• Economists forecast 97,000 payrolls added and a 4.2% unemployment rate for July
• Airbnb surged 11% and Cloudflare jumped 15% on strong earnings beats
• Iran Strait of Hormuz deal hopes faded, pushing oil prices and bond yields higher
• Major indexes still on track for strong weekly gains despite Thursday’s selloff

Wall Street steadied early Friday as investors waited for the July jobs report, a data print that could shape the Federal Reserve’s next move on interest rates.

Dow Jones Industrial Average futures dropped around 60 points, or 0.1%, while S&P 500 futures edged up 0.1% and Nasdaq 100 futures gained 0.4%.

The three major indexes had all fallen on Thursday, with the Dow snapping a five-day winning streak. Despite that, all three were still on track for solid weekly gains.

The S&P 500 was set to rise 2.9% for the week, the Dow was up 2.7%, and the Nasdaq Composite led with a 3.8% weekly gain. Tech shares drove much of that rebound, bouncing back from heavy losses in July.

… Continue reading the full article at the original source below.