A trader enters the floor of the New York Stock Exchange (NYSE) in New York, Monday, June 27, 2022.
Michael Nagel | Bloomberg | Getty Images
Stock futures slipped in overnight trading after a rally on Wall Street as investors await a key jobs report on Friday.
Futures linked to the Dow Jones Industrial Average fell 31 points, or 0.10%, to 31,336.00. S&P 500 futures fell 0.10% and Nasdaq 100 futures fell 0.14%.
Shares in Levi Strauss surged more than 3% post-IPO as the retailer reported quarterly earnings that beat expectations and boosted its dividend.
GameStop fell about 5% in after-hours trading as the company fired its chief financial officer and announced it would lay off employees as part of a turnaround plan. The stock was up 15% in the regular session, a day after the video game retailer announced that its board had approved a 4-for-1 stock split.
The action in futures followed a successful session on Thursday, which saw the S&P 500 post a four-day positive streak, the longest of the year so far, according to Bespoke Investment Group. The index is now down about 19% from its all-time high in January.
Energy stocks led gains during regular trading as oil prices reversed from a recent plunge. Exxon Mobile is up nearly 3.2%, while Occidental Petroleum is up nearly 4%. Chipmakers boosted the technology sector after strong gains from Samsung.
“They just don’t see the capitulation yet, I think a little bit more needs to happen before the July Fed meeting,” said Mark Newton, head of technical strategy at Fundstrat, on CNBC’s “Closing Bell: Overtime.” on Thursday. He added that stocks could decline as early as Friday’s session.
The June jobs report, due Friday, is expected to show another month of strong hiring as the job market defies any signs of an impending recession or economic slowdown. Economists expect the US economy added 250,000 jobs last month and the unemployment rate will remain unchanged at 3.6% according to the Dow Jones.
In May, employers added 390,000 jobs, better than economists had expected.
The S&P 500 is up about 2% in this holiday-shortened week and is on course for its second positive week in the last three.
The Dow Jones Industrial Average and the tech-heavy Nasdaq Composite are up 0.92% and 4.4%, respectively, this week. Both indices are also on course for their second positive week in the last three.