Futures Move To The Upside Following Monthly Jobs Data

(RTTNews) - Following the sell-off seen in the previous session, stocks may move back to the upside in early trading on Friday. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.3 percent.

The futures advanced following the release of a closely watched Labor Department report showing employment in the U.S. increased by slightly less than expected in the month of February.

The report said non-farm payroll employment climbed by 151,000 jobs in February after rising by a downwardly revised 125,000 jobs in January.

Economists had expected employment to grow by 160,000 jobs compared to the addition of 143,000 jobs originally reported for the previous month.

The report also said the unemployment crept up to 4.1 percent in February from 4.1 percent in January, while economists had expected the unemployment rate to remain unchanged.

While the report could add to recent concerns about the strength for the economy, the data may also generate optimism about the outlook for interest rates.

Later in the day, Federal Reserve Chair Jerome Powell is due to deliver remarks on the economic outlook that could further impact the outlook for rates.

After recovering from early weakness to end Thursday's session sharply higher, stocks showed a substantial move back to the downside during trading on Thursday. With the steep drops on the day, the Nasdaq and the S&P 500 tumbled to five and four-month closing lows, respectively.

The major averages moved roughly sideways going into the close, lingering near their worst levels of the day. The Nasdaq plummeted 483.48 points or 2.6 percent to 18,069.26, the S&P 500 plunged 104.11 points or 1.8 percent at 5,738.52 and the Dow slumped 427.51 points or 1.0 percent to 42,579.08.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Friday. Japan's Nikkei 225 Index dove by 2.2 percent, while Hong Kong's Hang Seng Index slid by 0.6 percent.

The major European markets have also moved to the downside on the day. While the German DAX Index is down by 1.7 percent, the French CAC 40 Index is down by 1.1 percent and the U.K.'s FTSE 100 Index is down by 0.3 percent.

In commodities trading, crude oil futures are climbing $0.79 to $67.15 a barrel after inching up $0.05 to $66.36 a barrel on Thursday. Meanwhile, after edging up $0.60 to $2,926.60 an ounce in the previous session, gold futures are slipping $7.50 to $2,919.10 an ounce.

On the currency front, the U.S. dollar is trading at 147.42 yen versus the 147.98 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.0875 compared to yesterday's $1.0785.