Futures are little changed ahead of the jobs report

Stock futures are nearly flat on Friday morning as markets wait for the October jobs report.

The Bureau of Labour Statistics will release the data at 8:30 a.m. ET. The consensus forecast is for nonfarm payrolls growth of 182,000, and a drop in the unemployment rate to 5% from 5.1%.

Near 7:02 a.m. ET, Dow futures were down 14 points, while S&P 500 and Nasdaq futures were unchanged.

The US dollar index was slightly higher at 98.09, near a five-month high. The dollar gained earlier this week after Federal Reserve chair Janet Yellen said that an interest rate hike in December is “a live possibility”.

Treasury yields also moved higher this week, and the two-year yield, which is very sensitive to interest rate expectations, rose to the highest level since 2011.

It was down one basis point at about 0.83%, but like everything else, was in a pretty tight range ahead of the jobs report.

Bank of America Merrill Lynch analysts forecast in a client note that a strong jobs report — with jobs growth of over 200,000, a 5% unemployment rate, and average hourly earnings greater than 0.3%, would impact markets more than a weak number would.

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