Premarket: Stocks stumble on growth fears ahead of U.S. payrolls

Global stocks were set to end a roller-coaster week in the red as investor anxiety about U.S. growth combined with downbeat earnings weighing on tech stocks, while gold, government bonds and currencies seen as safe havens gained.

The market mood soured after weaker-than-expected U.S. factory data on Thursday sparked fears the U.S. Federal Reserve may have harmed the economy by holding benchmark borrowing costs at a 23-year high of 5.25%-5.5% for a year. Ahead of the keenly watched U.S. non-farm payrolls report later in the day, money markets on Friday priced a 31% probability the Fed will cut rates by 50 basis points next month. Economists expect U.S. employers added 175,000 new hires in July, down from 206,000 a month earlier.

The two-year yield, which typically reflects near-term interest rate expectations, touched its lowest since May 2023 before bouncing slightly higher to 4.14%. Bond yields move inversely to prices.“The market has gone to pricing in three Fed cuts by year end, and while that does feel like we have jumped the gun, investors will wait for today’s payrolls to confirm or deny this.

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