S&P 500 futures edged lower early Friday as investors awaited the May jobs report, a key test for a market trying to extend one of its longest winning streaks in decades. The pullback followed a mixed Thursday session in which the Dow closed at a record while technology shares lagged.
Highlights
- S&P 500 futures fell about 0.6% ahead of the May jobs report.
- The Dow closed at a record Thursday after gaining 874.86 points.
- The S&P 500 is still on track for a 10th straight weekly gain.
- Lululemon dropped after hours after cutting its full-year outlook.
Futures weaken before payrolls
According to CNBC, futures tied to the S&P 500 fell about 0.6%, while Nasdaq 100 futures dropped more sharply as traders reduced exposure to technology stocks before the employment data. Dow futures were little changed after the blue-chip index rose 874.86 points, or 1.7%, to 51,561.93 on Thursday, a record close. The S&P 500 gained 0.4% to 7,584.31, while the Nasdaq Composite slipped 0.1% to 26,830.96.
The S&P 500 remains up less than 0.1% for the week, putting it on track for a 10th straight weekly gain. That would be its longest positive weekly streak since 1985, according to the market data.
Jobs data takes center stage
Investors are focused on the nonfarm payrolls report due at 8:30 a.m. ET. Economists surveyed by Dow Jones expect the U.S. economy to have added 80,000 jobs in May, below the average of 150,000 over the previous two months, while the unemployment rate is expected to remain at 4.3%. MarketWatch also reported that forecasts centered on 80,000 new jobs and a steady 4.3% jobless rate.
The report could shape expectations for the Federal Reserve’s next moves. A weaker number may strengthen the case for rate cuts, while a stronger labor reading could reinforce the view that the economy remains resilient despite higher rates and geopolitical uncertainty.
Retail and tech add pressure
Corporate news also weighed on sentiment. Lululemon shares fell 11% in after-hours trading after the company lowered its full-year revenue and earnings outlook and issued current-quarter guidance below analyst expectations.
Technology remained a weaker pocket of the market. Broadcom and Ciena were among AI-linked names under pressure, while investors continued to debate whether demand for data centers, chips and computing infrastructure can keep supporting elevated valuations.
Labor data could decide the rally’s next step
The market is balancing two forces: a broadening rally outside megacap technology and concern that weaker hiring could signal slowing growth.
The Dow’s record close suggests investors are rotating into financials, health care and smaller companies, but the Nasdaq’s weakness shows that the AI trade is facing a higher bar.
It was earlier reported that SpaceX loses early S&P 500 entry as rules stay unchanged.
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