US stock futures pulled back on Friday as investors digested a crucial jobs report that provided clues to the size of this month's expected interest-rate cut and the resilience of the US economy. Tech stocks led the declines, with Nasdaq 100 futures down 0.5%. S&P 500 futures retreated 0.2%, while Dow Jones Industrial Average futures dropped 0.1%. All three indexes had seen more notable slides before the report, however.
The report shifted expectations for the Fed to enact a more sizable rate cut at its meeting in less than two weeks. According to the CME FedWatch tool, traders see a 50-50 chance of a 50 basis point cut, which was up significantly from Thursday. Despite anemic closes, stocks have whipsawed this week as the market assessed incoming economic data to set expectations on the size of the Fed's rate cut. All three indexes are set for significant weekly declines.
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