U.S. Index Futures Indicate Moderate Recovery Ahead of March Employment Report Release, Oil Edges Up

U.S. index futures indicate a moderate recovery in pre-market trading on Friday, ahead of the release of the U.S. employment report for March.

At 06:45 AM, Dow Jones futures (DOWI:DJI) rose 63 points, or 0.16%. S&P 500 futures advanced 0.27%, and Nasdaq-100 futures gained 0.32%. The yield on 10-year Treasury bonds stood at 4.33%.

In the commodities market, West Texas Intermediate crude for May rose 0.21%, to $86.77 per barrel. Brent crude for June rose 0.41%, close to $91.02 per barrel.

On the economic agenda scheduled for Friday, the highlight is the release of the numbers of jobs created or lost by the economy (payroll) and the unemployment rate for March, which will be published at 8:30 AM by the Department of Labor. Economists currently expect employment to increase by 200,000 jobs in March, after an increase of 275,000 jobs in February, while the unemployment rate is expected to remain at 3.9%. In addition, at 3:00 PM, the Fed will publish data on consumer credit for February.

Asian markets mostly closed in the red, with the Japanese Nikkei leading losses by falling 1.96%, negatively influenced by semiconductor sector and brokerage stocks. The South Korean Kospi also recorded a decline of 1.01%, while the Hang Seng in Hong Kong remained stable. Statements from the American Federal Reserve generated concerns, affecting investor sentiment in the region. The Shanghai SE market in China remained closed due to a holiday.

The main European stock exchanges are recording declines this Friday, marking the end of a lackluster opening week of trading for the new quarter. Investors digest recent information on construction and retail sales in the euro zone, as well as updates on housing prices in the United Kingdom. Retail sales in the eurozone fell 0.5% in February, confirming economists’ forecasts and extending the trend of stagnation for the third month. Construction faced a decline in March, reflecting weaker demand. UK house prices fell 1% in March, after five months of increases, with a modest annual rise of 0.3%.

On Thursday, the United States stock market started strong but faced strong pressure in the last hours, resulting in a sharply lower close. The Dow Jones fell 1.35%, while the S&P 500 and Nasdaq fell 1.23% and 1.40%, respectively. The decline was influenced by the continuous increase in oil prices, raising concerns about inflation and delay in the reduction of interest rates by the Federal Reserve.

On the earnings front, Byrna Technologies (NASDAQ:BYRN) and Greenbrier Companies (NYSE:GBX) are scheduled to present financial reports.

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