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Futures tick up after Wall St selloff on jobs data

A trader walks on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2022. REUTERS/Andrew Kelly

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  • Futures up: Dow 0.38%, S&P 0.47%, Nasdaq 0.64%

Aug 8 (Reuters) – U.S. stock index futures rose on Monday after last week’s blockbuster jobs data soothed some fears about an economic slowdown, but investors remained cautious as it also added to expectations of a hawkish Federal Reserve.

The main focus this week will be on consumer prices data on Wednesday.

U.S. rate futures have priced in a 68.5% chance of a 75-basis-point hike at the Fed’s September meeting, up from about 41% before the payrolls data on Friday beat market expectations. IRPR

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Megacap growth and technology stocks edged higher in trading before the bell, with Tesla (TSLA.O) up 1.9%. The U.S. electric-car maker signed contracts worth about $5 billion to buy materials for their batteries from nickel processing companies in Indonesia, according to a CNBC report. read more

Other high-growth stocks such as Apple Inc and Amazon.com Inc (AMZN.O) gained as U.S. Treasury yields pulled back from sharp highs in the previous session. The benchmark 10-year yield declined 1.6% in early trading.

Meanwhile, the U.S. Senate on Sunday passed a sweeping $430 billion bill intended to fight climate change, lower drug prices and raise some corporate taxes. read more

Signify Health Inc jumped 15.8% on a media report that CVS Health Corp was looking to buy the health technology company.

At 07: 09 a.m. ET, Dow e-minis were up 125 points, or 0.38%, S&P 500 e-minis were up 19.5 points, or 0.47%, and Nasdaq 100 e-minis were up 84.75 points, or 0.64%.

Palantir Technologies Inc (PLTR.N) dropped 14.3% after the data analytics software company lowered its annual revenue forecast as the timing of some large government contracts remained uncertain. read more

Investors awaited a slew of earnings reports later in the day from the likes of insurer American International Group Inc and Dominion Energy Inc .

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Reporting by Bansari Mayur Kamdar and Aniruddha Ghosh in Bengaluru; Editing by Shounak Dasgupta

Our Standards: The Thomson Reuters Trust Principles.

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