Inventory futures are flat earlier than the foremost unemployment report

US stock index futures were little changed during early morning trading on the Friday before the much-anticipated job report.

Futures contracts pegged to the Dow Jones Industrial Average fell just 10 points. S&P 500 futures and Nasdaq 100 futures were both slightly lower.

Stocks ended Thursday’s session in the green, the S&P 500 rising 0.6% to close on a new high. The Dow gained 271.58 points, or 0.78%. The Nasdaq Composite also rose 0.78% for its fourth consecutive positive session.

All eyes are on Friday’s job report, which will show how the tagged workforce performed in July. Economists estimate that the economy created 845,000 jobs in the past month, according to Dow Jones estimates. However, the wide range of targets – from 350,000 at the low end to 1.2 million at the top – shows the uncertainty currently prevailing in the market.

Brad McMillan, chief investment officer at Commonwealth Financial Network, found monthly values ​​for that year ranged from 233,000 in January to 850,000 in June. He said a pressure below 300,000 could be cause for concern, while a reading between 300,000 and 400,000 would indicate a “reasonably healthy” economy.

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“A better result would be the average for the second quarter, around 500,000 to 600,000. This would show that the recovery is continuing and that while the medical and labor issues are preventing further acceleration, the economy still has enough momentum to keep going at a reasonable pace, “he said.

Friday’s report comes after the weekly number of initial filings reported Thursday hit 385,000, which was in line with expectations.

Wall Street is closely watching Friday’s labor report as it could affect future Federal Reserve policy.

“While uncertainty about monetary policy is likely to cause further spurts of volatility, we believe the Fed’s move toward tapering is unlikely to reverse the equity rally,” noted UBS strategists.

“The weak labor market, well-anchored inflation expectations and risks from the delta COVID-19 variant make rate hikes before 2023 unlikely,” the company added.

A busy week of profits continued on Friday with several notable reports including from Canopy Growth, AMC Networks, Draftkings, Norwegian Cruise Line and Goodyear Tire. Also, Berkshire Hathaway is on deck for Saturday mornings.

As of Thursday afternoon, 427 S&P 500 components had released quarterly results, with 88% beating earnings estimates, according to data from Refinitiv. In terms of sales, 87% exceeded expectations.

For the week, the Dow is up 0.4%. The S&P and the Nasdaq are up 0.77% and 1.5%, respectively.

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