Futures tick higher ahead of jobs data
- U.S. stock index futures rose in choppy trading on Friday as a surge in job growth in April pointed to a solid domestic economy, while a steady wage growth backed the Federal Reserve’s patient view on interest rate hikes.
However, average hourly earnings rose 0.2% in April after rising by the same margin in March and below the anticipated 0.3% rise. “It really reiterates Powell’s message on Wednesday, that the economy is in really good shape and inflation is low and that there isn’t any need to make changes to policy right now.”
More than 350 S&P 500 companies have reported so far and three-quarters have topped profit estimates, according to Refinitiv data. The better-than-expected results have turned around earnings estimate for the first quarter to 0.7% rise from a 2% decline at the start of April.
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