2

Home Top Stories Stock futures slip ahead of jobs report with Wall Street’s 9-week winning streak in jeopardy: Live updates

Stock futures slip ahead of jobs report with Wall Street’s 9-week winning streak in jeopardy: Live updates

0
Stock futures slip ahead of jobs report with Wall Street’s 9-week winning streak in jeopardy: Live updates

[ad_1]

Corient's Amy Kong expects one to three Fed rate cuts this year

Stock futures slipped early Friday ahead of a key jobs report, as Wall Street tried to shake off a sluggish start to January.

Futures tied to the Dow Jones Industrial Average ticked down 83 points, or about 0.2%. S&P 500 futures fell 0.3%, and Nasdaq 100 futures dipped 0.4%.

Economists polled by Dow Jones project that job growth slowed to 170,000 last month.

A surprise in either direction could hurt stocks, as many investors are expecting that the economy can continue to grow but at a slower pace that will allow the Federal Reserve to cut rates.

The report comes after the S&P 500 and Nasdaq Composite declined for their fourth and fifth straight negative session, respectively, on Thursday. The Dow closed marginally higher on the day but is still down for the week.

The three major averages all on track to break nine-week winning streaks, with the Nasdaq Composite suffering the biggest loss for the week at 3.3%.The S&P 500 and Dow are down 1.7% and 0.7%, respectively.

One factor weighing on the market is the cooling off of large-cap tech stocks like Apple, which has been downgraded by two research shops this week. Amy Kong, partner at wealth management company Corient, said her firm is taking a breather from buying the large tech names, several of which make up its top holdings.

“We are pausing on any new dollars going into this group of stocks. In general, the market after this great burst of optimism last quarter, is now sitting at a price-to-earnings ratio of 20-times this year’s earnings,” Kong said on “Closing Bell.” “It is a little bit high from an absolute standpoint, a little bit high from a historical standpoint, and so we need to see earnings grow into this multiple.”

[ad_2]

Source link