Stock futures were lower following a July jobs report that came in better than expected.
Near 8:45 am ET, Nasdaq futures were off 1%, with Dow futures down 0.5%, and S&P 500 futures off more than 0.7%.
The July jobs report from the Bureau of Labor Statistics showed 528,000 jobs were added to the economy last month, with the unemployment rate falling to 3.5%.
Economists expected the report would show 250,000 jobs were added to the US economy last month with the unemployment rate holding at 3.6%.
Investors will also keep an eye on energy markets, with WTI crude oil prices — the US benchmark — falling below $89 a barrel on Thursday to their lowest levels since early February.
The price of gas in the US has now declined for 50 straight days. On Friday morning, crude oil futures were down slightly, falling below $88 at one point during the morning.
The US 10-year note yield was sitting near 2.67% early Friday, up about 14 basis points from recent lows, although the move higher in Treasury yields this week has done little to shake the confidence of equity investors as stocks continue their rally from a mid-June trough.
The yield curve does continue to move into a deeper inversion, however, with the spread between 2-year and 10-year yields reaching as wide as 38 basis points, or 0.38%, on Thursday, the largest since 2000.
Earnings season also continues to roll along even as the market’s largest companies mostly reported results over the last week.
Shares of Block (SQ), Virgin Galactic (SPCE), and Beyond Meat (BYND) were all trading lower in pre-market trade on Friday following results out last night.
On the flip side, shares of Lyft (LYFT) were up more than 8% after the company’s results topped expectations.
This post will be updated.
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