STOCK MARKET NEWS: Futures gain, hiring may have slowed in October

U.S. equity futures traded higher ahead of the October jobs report, the most anticipated piece of data for the month.

The major futures indexes suggest a rise of 0.5% when the opening bell rings.

Oil prices traded higher on Friday as the dollar eased, but gains were capped by recession fears and fresh concerns that COVID outbreaks will dent fuel demand in China.

U.S. West Texas Intermediate (WTI) crude futures traded around $90.00 a barrel putting the contract on course for a weekly gain of 1%.

Brent crude futures traded around $96.00 a barrel. The contract was on track to end the week down just 0.5%.

Economists surveyed by Refinitiv say the U.S. economy likely added 200,000 new nonfarm jobs in October. That’s down from 263,000 the previous month and would mark the weakest job growth since December 2020. 

The unemployment rate is anticipated to edge higher to 3.6%.  

Twilio shares are plunging 21% in premarket trading after the provider of programmable communication tools said fourth quarter revenue is expected to come in between $995 million to $1,005 million, compared with the analyst estimate of $1.07 billion.

DoorDash shares are 11% higher in premarket trading after the food delivery company said orders surged to a record high in the third quarter as people stuck to their pandemic-era habits despite rising inflation and steeper prices, helping it beat Wall Street targets for revenue.

In Asia, shares soared more than 5% in Hong Kong on Friday after a Communist Party newspaper reported that local officials were being urged not to impose overly burdensome controls to curb coronavirus infections. 

The Shanghai Composite added 2.4% and Japan’s benchmark Nikkei 225 dropped 1.7%.

Wall Street’s benchmark S&P 500 lost 1.1% on Thursday, closing at 3,719.89 and the tech-heavy Nasdaq composite index sank 1.7% to 10,342.94. The Dow lost 0,5% to 32,001.25.

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