U.S. stock futures remained largely unchanged in early Friday trading as investors awaited the crucial July jobs report. Meanwhile, European markets opened higher, and Asian markets closed mixed.
In corporate news, Airbnb shares surged following strong second-quarter earnings, while oil prices saw an increase amid tensions surrounding the Strait of Hormuz.
S&P 500 futures showed little change in early Friday trading, as market participants braced for the release of the July jobs report. Nasdaq 100 futures edged up 0.18%, while Dow Jones Industrial Average futures experienced a slight dip, losing 74 points or 0.14%. S&P 500 futures remained flat.
In Asian markets, Japan's Nikkei 225 closed with a minor gain of 0.12%. South Korea's Kospi saw a decline of 0.60%, while Australia's S&P/ASX 200 finished the session unchanged. Mainland China's CSI 300 posted a gain of 0.93%.
Overnight in U.S. extended trading, Airbnb shares rallied 9% following the company's better-than-expected second-quarter earnings and revenue. Cloudflare also saw a significant surge, jumping 16% after issuing a strong full-year and current-quarter outlook.
The previous trading session saw Wall Street experience losses, with rising oil prices impacting equities. The Dow Jones Industrial Average dropped over 460 points, or 0.9%, ending a five-day winning streak. The S&P 500 declined 0.2%, and the Nasdaq Composite dipped 0.1%.
Despite recent pullbacks, market sentiment has improved, with investors hopeful that a resolution regarding the Strait of Hormuz could lead to lower oil prices and curb inflation. Technology stocks, particularly semiconductors, have shown strength this week, fueled by a perceived market reset and positive earnings reports.
Tom Lee, head of research at Fundstrat Global Advisors, expressed optimism, predicting a continued rally that could push the S&P 500 towards the 7,900-8,000 range this month.
All eyes are now on the July jobs report. Economists anticipate a modest gain of 83,000 nonfarm payrolls, with the unemployment rate expected to remain steady at 4.2%. Investors will closely monitor wage growth and labor force participation for insights into the job market's health.
Despite Thursday's losses, the market is on track for a second consecutive weekly gain. The Nasdaq, in particular, is poised for its best weekly performance since May, boosted by a rebound in chip stocks. The iShares Semiconductor ETF (SOXX) has risen over 5% this week.
Asia-Pacific markets close mixed amid uncertainty over Hormuz shipping route
Japan's Nikkei 225 closed 0.12% lower. South Korea's Kospi fell 0.60%. Australia's S&P/ASX 200 finished flat. Hong Kong's Hang Seng index was up 0.44%, and mainland China's CSI 300 closed 0.93% higher, supported by stronger-than-expected export growth.
European stock markets start Friday's session in the green
European stock markets opened higher, with the Stoxx 600 benchmark up 0.24%. Major bourses in Germany (DAX), the U.K. (FTSE 100), Italy (FTSE MIB), and France (CAC 40) all traded in positive territory. Healthcare and technology sectors led the gains.
Starlink rival beats revenue expectations but remains lossmaking
Eutelsat, a European competitor to Elon Musk's Starlink, reported better-than-expected revenue but continued to operate at a loss. The company's LEO business growth is expected to offset declines in its Geostationary Earth Orbit business.
Gold on track for best week since January
Gold prices are poised for their best weekly performance since January, buoyed by lower oil prices. Spot gold and gold futures saw gains, with traders awaiting the July jobs report for clues on interest rate direction.
Kirin Holdings shares rise after agreement to buy Canadian supplements maker Jamieson Wellness
Kirin Holdings' shares climbed 4% following its agreement to acquire Canadian supplements maker Jamieson Wellness for approximately C$2.0 billion on a fully diluted equity basis. This acquisition marks Kirin's continued expansion in the health supplements sector.
China’s exports jump 23.9% in July, beating estimates; imports cool
China's exports rose by 23.9% in July, exceeding forecasts, although growth moderated from June. Imports also saw strong growth. The trade surplus remained significant, despite a slight narrowing from the previous month.
Oil rises after Iran’s restrictive draft plan for the Strait of Hormuz
Oil prices increased amid concerns over potential supply disruptions stemming from Iran's proposed restrictive plan for the Strait of Hormuz. Brent crude and WTI futures saw gains.
South Korean solar stocks rise after Trump tariffs on polysilicon
Shares of South Korean solar companies, including Hanwha Solutions and OCI Holdings, rose following the imposition of U.S. tariffs on polysilicon. These measures are expected to benefit non-Chinese suppliers.
Mainland China and Hong Kong shares open mixed ahead of trade data
Mainland China and Hong Kong stocks traded mixed as investors awaited China's trade data. The Hang Seng index saw minor declines, while the CSI 300 posted gains.
Japan's Nikkei 225 and South Korea's Kospi open higher
Asia-Pacific markets broadly traded higher early Friday, with attention on upcoming Chinese trade data. Japan's Nikkei 225 and South Korea's Kospi saw opening gains.
Asia-Pacific markets set for muted open amid higher oil prices
Pre-market indicators suggested a mixed to muted open for Asia-Pacific markets on Friday, influenced by rising oil prices due to tensions surrounding the Strait of Hormuz.
Major averages head for second straight winning week
As of Thursday's close, the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite were all on track for their second consecutive week of gains.
Stocks making the biggest moves after hours
Airbnb shares surged significantly after reporting strong Q2 results. Other companies like Lyft and DraftKings also saw notable after-hours trading activity based on their earnings reports.
Stock futures open little changed
U.S. stock futures opened with minimal changes Thursday night, indicating a cautious start to the trading session ahead of key economic data.
