Nasdaq 100 futures rise 135 points ahead of jobs report

Nasdaq 100 futures rose roughly 135 points, or about 0.4%, in early trading on Friday as markets awaited the August jobs report scheduled for 8:30 a.m. ET. S&P 500 futures were up about 0.1% and Dow futures were near flat. The S&P 500 remained about 0.7% below its record closing high.

Economists surveyed expect nonfarm payrolls to increase by about 53,000 after July’s 23,000 decline, with the unemployment rate projected to hold at 4.1%. A weaker-than-expected print could make a September rate increase harder to justify, while a stronger report could push Treasury yields higher and add pressure on richly valued growth stocks.

Federal Reserve Governor Christopher Waller said recent data show signs of disinflation and that he could support holding policy rates steady if that trend continues. Markets responded by cutting the implied odds of a September rate hike to roughly 50% from about 63% earlier in the week. Peter Williams of 22V Research described Waller as “data-dependent but reluctant to tighten unless inflation forces the issue.”

Premarket activity showed technology contracts outpacing broader benchmarks, with Nasdaq 100 futures gaining more than S&P 500 and Dow contracts. Market participants noted Friday’s payrolls figure may determine whether the rally seen earlier in the week extends or fades if bond yields rise again.

Individual shares moved ahead of the open. Lululemon fell about 18% in premarket trading after the company cut its full-year outlook for the second time this year, citing softer demand in the Americas days before incoming CEO Heidi O’Neill takes over. Adobe slipped around 3% after naming Anil Chakravarthy as chief executive effective Dec. 1; the appointment prompted questions about the leadership transition after expectations that David Wadhwani could be a successor.

Research from SimCorp shows September has averaged a loss of 58 basis points over nearly 45 years, with negative returns concentrated in the second half of the month when average losses exceed 1%. Melissa Brown of SimCorp warned the pattern varies substantially from year to year and should not be the sole basis for trading decisions.

Investors will also monitor consumer and producer price reports due next week for additional signals on inflation and interest rates.