Wall Street Set To Open Broadly Lower

The Labor Department’s monthly jobs report might have a significant impact on the economic outlook on Friday. Employment is expected to surge by 1.4 million jobs.

Asian shares finished mixed, while European shares are also trading mixed.
Initial cues from the U.S. Futures Index suggest that Wall Street might open broadly lower.

As of 7.55 am ET, the Dow futures were adding 23.00 points, the S&P 500 futures were down 10.00 points and the Nasdaq 100 futures were sliding 178.25 points.

The U.S. major averages posted significant losses on Thursday. The Dow tumbled 807.77 points or 2.8 percent to 28,292.73, the Nasdaq plummeted 598.34 points or 5 percent to 11,458.10 and the S&P 500 plunged 125.78 points or 3.5 percent to 3,455.06.

On the economic front, the Labor Department’s Employment Situation report for the month of August will be published at 8.30 am ET. The consensus for nonfarm payrolls is a growth of 1,400,000, while it was up 1.763,000 in the prior year. Monthly private payrolls is expected to be 1,358,000. The consensus for average hourly earnings is unchanged, while it was up 0.2 percent in the prior month.

The Baker-Hughes Rig Count for the week will be released at 1.00 pm ET. In the prior week, the North American Rig Count was 308 and U.S. Rig Count was 254.

Asian stocks ended lower on Friday after Wall Street saw its biggest sell-off since June.

Chinese and Hong Kong shares closed lower for the third straight session. China’s Shanghai Composite Index fell 29.61 points, or 0.9 percent, to 3,355.37, while Hong Kong’s Hang Seng Index dropped 206.08 points or 0.8 percent to 24,801.52.

Japanese shares declined. The benchmark Nikkei 225 Index fell 260.10 points, or 1.1 percent, to 23,205.43 after rising to a six-month high in the previous session, while the broader Topix index slipped 14.64 points, or 0.9 percent, to 1,616.60.

The Australian market tumbled after two straight days of gains. The benchmark S&P/ASX 200 Index fell 187.10 points, or 3.1 percent, to 5,925.50. The broader All Ordinaries Index lost 192.20 points or 3.1 percent, to 6,108.80.

European shares are trading mixed. Among the major indexes in the region, the CAC 40 Index of France is progressing 8.94 points or 0.18 percent. The German DAX is losing 68.52 points or 0.54 percent, the U.K. FTSE 100 Index is declining 0.19 points or 0.00 percent.

The Swiss Market Index is down 14.28 points or 0.13 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is sliding 0.36 percent.

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