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Investing.com — U.S. futures were mixed on Friday prior to a much-anticipated payrolls report, while traders pour through financial results from tech giant Apple (NASDAQ:AAPL). Elsewhere, FTX founder Sam Bankman-Fried is convicted of stealing billions of dollars from customers, capping a shocking fall from grace for the man who was once considered to be the face of the crypto industry.
1. Futures mixed ahead of fresh jobs report
U.S. stock futures were mixed on Friday as investors awaited the release of a closely-watched labor market report and digested earnings from Apple.
By 05:56 ET (09:56 GMT), the Dow futures contract was mostly unchanged, S&P 500 futures dipped by 8 points or 0.2%, and Nasdaq 100 futures lost 54 points or 0.4%.
The main indices on Wall Street are coming off of strong gains in the prior session that were fueled by the Federal Reserve’s decision to leave interest rates unchanged for a second straight meeting on Wednesday. Similar moves by policymakers at the Bank of England and in Norway also buoyed renewed hopes that an era of unprecedented monetary tightening may be coming to an end, providing a further lift to equities.
The 30-stock Dow Jones Industrial Average climbed 1.7%, while the benchmark S&P 500 and tech-heavy Nasdaq Composite jumped by 1.9% and 1.8%, respectively.
American government bonds, which have been hit in recent weeks by a prolonged sell-off, also rallied, with the 10-year U.S. Treasury yield seeing its biggest two-day fall since a banking sector crisis in March. Prices typically rise as yields decline.
2. Payrolls data looms
Attention now turns to the publication of the key nonfarm payrolls data for October due later in the day.
Economists predict that the U.S. economy added 180,000 jobs last month, down from 336,000 in September. The unemployment rate is seen at 3.8%, matching the prior month’s figure, while average hourly earnings are expected to have increased by 0.3% month-on-month in October, following a 0.2% gain in September.
Traders will likely be on the lookout for any signs of resilience in the labor market, a trend that could give the Fed more headroom to hike interest rates once again.
Speaking at a news conference on Wednesday, Fed Chair Jerome Powell left open the possibility for additional policy increases, but stressed that officials will proceed carefully in response to a host of uncertainties facing the U.S. economy.
3. Apple fails to assuage outlook worries
Shares in Apple dipped in premarket U.S. trading, as concerns remained around the tech giant’s projections for its current three-month period.
The California company flagged that revenue in its December quarter — typically one of its largest due to holiday shopping — would be in line with the corresponding time frame last year. However, the quarter will be one week shorter, denting sales by 7%.
In the September quarter, revenue at Apple’s key Chinese market dropped by 2.5%, exacerbating worries over the impact of intensifying competition and geopolitical tensions. Rival Huawei released a new high-end smartphone during the period and China reportedly ordered government employees not to use Apple’s flagship iPhone device.
But Apple executives maintained that the firm still gained market share in China, with Chief Financial Officer Luca Maestri telling the Wall Street Journal that the four best-selling phones in the country were iPhones.
Overall sales in Apple’s fiscal fourth-quarter dipped by a little under 1% to $89.5 billion. The figure marked the fourth consecutive quarterly decline, although it topped estimates of $89.31B. Earnings per share of $1.46 also beat expectations.
4. Sam Bankman-Fried convicted
Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, was found guilty of stealing billions of dollars from customers by a jury in New York on Thursday.
The decision, which came after just five hours of juror deliberation, means that 31-year old Bankman-Fried — once considered to be an icon in the crypto industry — may be sentenced to decades in prison. He had faced seven charges, including wire fraud and money laundering.
His sentencing date was set for March 28, 2024.
Speaking after the verdict, victorious U.S. prosecutors said that Bankman-Fried’s fraud aimed to position him as the “king of crypto.” They added that despite the relative youth of the crypto industry, “this kind of corruption is as old as time.”
Bankman-Fried’s lawyer noted that while he respects the jury’s decision, he will continue to “vigorously” fight the charges.
5. Crude on course for losing week
Oil prices on Friday were on course for their second consecutive losing week, despite posting sharp gains in the previous session after traders became increasingly confident that the Fed was done with its run of interest rate hikes.
By 05:56 ET, the U.S. crude futures traded 0.1% lower at $82.36 a barrel, while the Brent contract slipped by 0.2% to $86.72 per barrel.
The benchmarks gained more than $2 a barrel on Thursday. However, both were set to shed more than 3% for the week, as a lack of escalation in the Israel-Hamas war eased worries about disruptions to supply in this oil-rich region. Meanwhile, recent data out of China has underscored an uncertain demand outlook in the world’s top oil importer.
Source: Investing.com
