U.S. stock-index futures pointed to modest gains Friday, as investors look to a labor-market report that could reflect soaring unemployment even as the data signals a decelerating pace of job losses in coronavirus-stricken America.
On Thursday, the Dow DJIA, +0.04% ended 11.93 points, or less than 0.1%, higher at 26,281.82. The fourth straight gain matches a similar streak of wins for the blue-chip index ended April 27, according to FactSet data. Meanwhile, the S&P 500 SPX, -0.33% fell 10.52 points, or 0.3%, to close at 3,112.35 and the Nasdaq Composite Index COMP, -0.69% finished 67.10 points, or 0.7%, lower to wrap up the session at 9,615.81, putting the index about 2.1% from its Feb. 19 all-time closing high.
What’s driving the market? Investors face one final test this week of a bullish rally under way in U.S. equity markets over the past few weeks. Friday’s nonfarm-payroll report could show that 7.25 million U.S. jobs were lost in May, after 20 million were lost in April due to the COVID-19 pandemic.Stimulus measures to limit the economic harm from closures have helped to support stock prices since touching lows in March.
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