US stock futures decline following weak February jobs data
US futures fell Friday after the economy shed 92,000 jobs in February. The weak data fueled expectations that the Federal Reserve will soon cut interest rates.
Equity index futures in the United States extended their downward trend on Friday morning following the release of a softer-than-anticipated employment report. The data sparked renewed concerns about the health of the labor market and bolstered speculation that the Federal Reserve may soon implement interest rate cuts. According to figures from the Labor Department, the economy shed 92,000 jobs in February, missing economist expectations for a gain of 59,000. The unemployment rate was recorded at 4.4%, slightly above the 4.3% forecast. Additional data showed that retail sales declined by 0.2% in January, a figure that was slightly better than the 0.3% drop predicted by analysts. Market reaction was notably negative across major indices. By 8:34 a.m. ET, Dow E-minis had fallen 357 points, or 0.74%, while S&P 500 E-minis were down 52.5 points, or 0.77%. Nasdaq 100 E-minis registered a decline of 244 points, or 0.97%.
