Stock Futures Waver Before Nonfarm Payrolls Data: Markets Wrap #CriptoNews

(Bloomberg) — US stock futures fluctuated as traders awaited key payrolls data for the latest clues on the economy’s health.

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S&P 500 futures were little changed and contracts on the Nasdaq 100 rose 0.1%. The 10-year US Treasury yield ticked two basis points lower to 4.25% and an index of the dollar fell for a fifth session, its longest losing streak in almost a year. Bitcoin pared an earlier slump.

US employers likely added 160,000 jobs last month, suggesting a labor market holding steady in the face of mounting policy uncertainty, according to a Bloomberg survey of economists. Wall Street failed to stage a rebound on Thursday even after President Donald Trump delayed levies on Mexican and Canadian goods traded under the North American trade deal.

The back-and-forth on tariffs “is creating a lot of uncertainty and that is showing up not only in markets, which have become quite volatile, but also in forward looking leading indicators, such as surveys and purchasing managers indexes,” said Florian Ielpo at Lombard Odier. “For now the hard data remains good, but the soft data is deteriorating, and the question is which one is correct.”

Investor sentiment is so poor that even a slightly better-than-expected US jobs report could spark a rally in the S&P 500, a Goldman Sachs Group Inc. trading desk said.

Federal Reserve Chair Jerome Powell is slated to speak at a monetary policy forum in the afternoon.

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While Europe’s stock benchmark retreated on Friday, Germany’s historic shift toward increased spending helped put the euro on track for its best week since 2009. The prospect of more debt issuance hoisted yields on German bonds by the most since 1990. The rate on 10-year bunds declined four basis points on Friday to 2.80%.

Bitcoin Drops

Bitcoin, meanwhile, sank as much as 5.7%, as a long-awaited order creating a strategic Bitcoin reserve and an additional stockpile of other digital assets disappointed the market. The largest digital asset later pared losses to about 1%, trading at $88,926 as of 6:51 a.m. in New York.

The executive order signed by Trump indicated that the government wouldn’t use taxpayer money to fund a strategic reserve of the largest digital asset. Instead, the reserve would be capitalized with Bitcoin already owned by the federal government.

Brent crude futures were up 1.4%, while gold edged 0.3% higher.

Key events this week:

• US jobs report, Friday

• Fed Chair Jerome Powell gives keynote speech at an event in New York hosted by University of Chicago Booth School of Business, Friday

• Fed’s John Williams, Michelle Bowman and Adriana Kugler speak, Friday

Some of the main moves in markets:

Stocks

• S&P 500 futures were little changed as of 7:53 a.m. New York time

• Nasdaq 100 futures rose 0.1%

• Futures on the Dow Jones Industrial Average were little changed

• The Stoxx Europe 600 fell 0.7%

• The MSCI World Index fell 0.2%

Currencies

• The Bloomberg Dollar Spot Index fell 0.2%

• The euro rose 0.6% to $1.0846

• The British pound rose 0.2% to $1.2906

• The Japanese yen rose 0.2% to 147.73 per dollar

Cryptocurrencies

• Bitcoin fell 1.1% to $88,821.14

• Ether fell 1.8% to $2,173.93

Bonds

• The yield on 10-year Treasuries declined two basis points to 4.26%

• Germany’s 10-year yield declined three basis points to 2.80%

• Britain’s 10-year yield was little changed at 4.66%

Commodities

• West Texas Intermediate crude rose 1.4% to $67.27 a barrel

• Spot gold rose 0.3% to $2,920.39 an ounce

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Richard Henderson.

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