Stock futures are pulling back on Monday morning following modest gains in the previous session.
Near 7:57 a.m. ET, Dow futures were down 40 points, S&P 500 futures were down 6 points, and Nasdaq futures were down 16 points. Stocks closed little changed on Friday, but marked a sixth straight week of gains — the longest this year.
Friday’s strong jobs report showed that the US economy added 271,000 jobs last month, the unemployment rate fell to a seven-year low of 5%, and average hourly earnings rose by the most in this recovery.
The dollar was slightly lower from the peak it reached Friday, and the US dollar index, which pits it against its major peers, was down about 0.2% near 99.04.
But treasury yields remain in the green as the notes’ prices cheapen. The yield on the benchmark 10-year note was near 2.34%.
All this, as traders are more confident that the Fed may raise rates at its meeting next month.
“Perhaps we are indeed deep into the ninth inning when it comes to near zero interest rate protocol stateside, writes Oppenheimer’s John Stoltzfus in a client note. “But outstanding issues tied to stateside manufacturing, US multinational earnings, fiscal reform, stimulus and austerity abroad along with geopolitical factors may still keep the Fed from raising the benchmark rate when the FOMC next meets in December.”
The Fed’s Labour Market Conditions Index is due at 10:00 a.m., and that’s about it for economic data on Monday. The rest of the week is relatively quiet in terms of data releases. The next big one is the retail sales report on Friday.
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