U.S. stocks: Futures slide ahead of June jobs data

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Futures fell on Friday, after a recent string of gains for major Wall Street indexes, as investors waited for monthly jobs data to assess the strength of the U.S. economy and the trajectory of future price increases. rate.

US equity markets started the month on solid footing after a brutal first half amid aggressive rate hikes by the Federal Reserve. The S&P 500 and the Nasdaq posted their fourth straight higher close on Thursday.

Traders brace for another 75 basis point rate hike by the Fed in July to stamp out soaring inflation, but stock markets found respite this week after the US central bank hinted at a more moderate program of rate hikes.

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Fed Governor Christopher Waller and St. Louis Fed President James Bullard said Thursday they would support another 75 basis point rate hike later this month, but a downgrade at a slower pace thereafter.

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The closely watched Labor Department report, due at 8:30 a.m. ET (12:30 GMT), is expected to show that nonfarm payrolls likely increased by 268,000 jobs last month after increasing by 390,000 in May.

However, the data is also expected to show the unemployment rate remained near pre-pandemic lows at 3.6% and average hourly earnings rose 0.3% for a third straight month.

Meanwhile, European and Asian stocks struggled following the death of former Japanese Prime Minister Shinzo Abe on Friday hours after he was shot while campaigning for parliamentary elections.

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As of 7:08 a.m. ET, Dow e-minis were down 23 points, or 0.07%, S&P 500 e-minis were down 9.5 points, or 0.24%, and e-minis Nasdaq 100 were down 66.5 points, or 0.55%.

Levi Strauss rose 3.9% in premarket trade after the company’s second-quarter results beat estimates, helped by strong demand for its denim jeans and jackets.
Twitter Inc fell 4% after a report said Elon Musk’s deal to buy the social media company was in “serious jeopardy”.

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