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US technology stocks looked set for a brief respite from this week's intense pressure on Friday, ahead of key jobs data that could push the Federal Reserve to step up the pace of raising interest rates.
The early losses on the tech-laden index were not as bad as they had been, and futures on the index were trading higher in European trading. The first week of the year is going to be the biggest loss for the Nasdaq 100 since 2016 as it has dropped 3.4% so far this week.
The S&P 500 futures were not changed, while the Dow Jones futures were up.
The Bureau of Labor Statistics will release the employment report later in the day. 400,000 workers were added to non-farm payrolls last month, a far cry from the 210,000 increase in November. The unemployment rate is expected to fall to 4.1%.
A reading of private payrolls showed an increase of 807,000 last month, the most since May 2021, which could stoke expectations for a big beat in non-farm payrolls. The correlation between the two is not stable.
A strong slate of jobs data is likely to further spur market expectations of near-term Fed tightening, particularly in light of Wednesday's minutes. Michael Brown, head of market intelligence at Caxton, said that we may be back to a situation where good economic news is bad news for risk assets, as it results in a more rapid withdrawal of policy stimulus.
European blue chips fell, while London's FTSE 100 was largely unchanged on the day. The Chinese authorities raced to stop the spread of Covid-19 in major cities ahead of the Beijing Winter Olympics, which caused the Shanghai Composite to fall.
The minutes of the Federal Reserve's last meeting showed policymakers are looking for three rate rises this year, and they discussed the possibility of starting to shrink the central bank's massive balance sheet by selling the assets it bought as part of its multitrillion-dollar quantitative easing program.
The economy is under threat from the surge in the Omicron coronavirus variant and the US central bank is grappling with inflation running at a three-decade high. Friday's jobs report could give some insight into the effects of the outbreak on hiring.
The Omicron wave sweeping across the US and the consumer caution resulting from that has led ING economist to cut their forecast for first quarter GDP to just below 1.5% from a little above 4%.
He said that increased worker absences mean more supply-chain strains that will hamper economic activity and keep price pressures intense through the first half of the year.
Technology stocks and cryptocurrencies have been hit the hardest by this week's shift in interest-rate expectations. As investors abandon assets that lose out in the twin effect of higher inflation and interest rates, Treasury yields have soared.
The benchmark 10-year note has increased by 21 basis points in the last week. The yield was close to its highest level since March on Friday, at 1.72%.
The digital currency fell for a sixth straight day, losing around 1.8% to trade at $42,2291. The price hit a low of $41,000 overnight, which was its lowest level since late September.
Business Insider has an original article.
