S&P 500 futures rose 0.26% early Friday as traders awaited September's jobs report, building on a 0.2% gain in the prior session. Treasury yields climbed to multiyear highs, and the index saw a composition change as Vylor replaced Corteva, with Twilio set to join the index on Oct. 6.
Stock futures inched higher early Friday while traders awaited September's nonfarm payrolls report. S&P 500 futures were up 0.26%, while futures tied to the Dow Jones Industrial Average gained 125 points, or 0.24%, and Nasdaq-100 futures advanced 0.42%.
Jobs report looms over Fed outlook
In the prior session, the S&P 500 posted a 0.2% advance to close the first trading day in October, while the Dow and the Nasdaq Composite ended marginally higher. However, all three indices are on pace for weekly losses, with the Dow off 1.7% over the period.
The Dow Jones consensus calls for job growth of 84,000 in September, with unemployment expected to hold at 4.1%. Traders are using the report to reassess the next move from the Federal Reserve, and fed funds futures trading suggests a 72% likelihood the central bank will stand pat in October.
Treasury yields hit multiyear highs
Treasury yields climbed to multiyear highs before retreating Friday. The benchmark 10-year Treasury note yield soared to 5.344%, its highest level since 2002, while the yield on the 30-year Treasury bond also reached its highest in 24 years.
Vylor joins the index, Twilio set to follow
The S&P 500's roster also shifted this week. Vylor was added to the S&P 500 on Thursday after it was spun off from Corteva, with Corteva moving to the S&P MidCap 400. Twilio will replace Warner Bros. Discovery in the index on Oct. 6, as Paramount is set to acquire Warner Bros. Discovery following a California judge's order.
Source: CNBC
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