December 3, 2023

Traders on the floor of the New York Stock Exchange, July 1, 2022.

Source: NYSE

Stock futures were flat in overnight trading after the major averages ended another week of losses.

Stock futures tied to the Dow Jones Industrial Average were down 30 points, or 0.11%. S&P 500 futures are down 0.08%, and Nasdaq 100 futures are down 0.04%.

The moves come as markets ended one of the worst halves in decades on Thursday, and the major averages posted a fourth week of five losses despite modest gains during Friday’s trading session.

Last week, despite Friday’s modest gains, the Dow was down 1.3%, the S&P 500 was down 2.2%, and the Nasdaq was down 4.1%. During the trading session on Friday, the Dow Jones Industrial Average rose 321.83 points, or 1.1%, to 31,097.26, the S&P 500 rose 1.1% to 3,825.33, and the Nasdaq Composite rose 0.9% to 11127.85.

In this short holiday week, investors are looking forward to the release of June jobs report data on Friday. According to Dow Jones estimates, job growth will likely slow in June with the addition of 250,000 non-farm jobs, down from 390,000 in May. Economists surveyed expect the unemployment rate to remain at 3.6%.

This week’s economic calendar also includes the release of the minutes of the last Federal Reserve meeting on Wednesday. Factory orders are expected in May on Tuesday, with earnings for WD-40 and Levi Strauss due on Friday.

“With two consecutive quarters of negative economic growth, the Fed appears intent on aggressive tightening regardless of the economic and market background, and signs of a more pronounced slowdown, an earnings season that surprises to the upside rather than the expected downside, could help,” said Quincy Crosby, Senior Equity strategists at LBL Financial said, “Restoring a semblance of stability in the markets.”

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