Stock futures were little changed on Tuesday ahead of key jobs data that will be released later in the week. The trading week is shortened due to the upcoming Thanksgiving holiday, with markets closed on Thursday and open for only a half-day on Friday.
Investors are eagerly awaiting the November jobs report, which is set to be released on Friday. The report is expected to show that the U.S. economy added around 550,000 jobs last month, which would be a slight decrease from the 531,000 jobs added in October. The unemployment rate is also expected to tick down to 4.5% from 4.6%.
The jobs data will be closely watched by investors as they try to gauge the strength of the economic recovery and the potential for future interest rate hikes by the Federal Reserve. A strong report could increase expectations for the Fed to raise rates sooner rather than later, which could put pressure on stocks.
In pre-market trading, Dow futures were up 0.1%, S&P 500 futures were flat, and Nasdaq futures were down 0.1%. The mixed futures suggest that investors are taking a cautious approach ahead of the jobs data and in light of ongoing concerns about inflation and supply chain disruptions.
In other news, shares of major retailers were in focus after Black Friday sales kicked off over the weekend. Retailers are hoping for a strong holiday shopping season to make up for lost sales during the pandemic. Cyber Monday, which falls on November 29 this year, is also expected to see robust sales as more consumers shop online.
Overall, the stock market is likely to remain choppy in the coming days as investors digest the latest economic data and news about the Omicron variant of the coronavirus. The uncertainty surrounding the new variant has added to market volatility, with investors concerned about the potential impact on global growth and supply chains.
As always, investors are advised to stay vigilant and keep a close eye on market developments. With the holiday season approaching, it’s important to stay informed and make well-informed investment decisions. Remember to diversify your portfolio and consult with a financial advisor if needed.