US futures are choppy, trading between unchanged and modestly higher, ahead of today's jobs report which sees a modest increase in August payrolls (but the risk is for another negative print, see our preview here). As of 8:00am ET, S&P futures are flat and Nasdaq futures gain 0.5% as Mag 7 stocks trade mixed premarket, with NVDA (+1.4%) and AMZN (+0.7%) leading and TSLA (-2.1%) lagging. Bond yields are steady as traders wait to see whether Friday’s payrolls report will offer the Fed enough justification to hold off on an interest-rate hike in September. The USD is 20bp higher as the yen drops after yesterday's surge. Commodities are mixed: oil fell, while base metals and Ags are both higher. Overnight, macro headlines were largely muted following yesterday’s bond market rally after Waller’s comments. All eyes are on the 8:30am ET NFP release (see our preview here), but investors are increasingly more focused on next week’s CPI than the payroll number, given Warsh’s assessment of the labor market and Waller’s comments yesterday.
In premarket trading, Mag 7 stocks are mixed: Tesla falls 2% as the electric-car maker’s invite-only, closed-door Cybercab launch event resulted in little splash. Nvidia +1.1%, Amazon +0.5%, Meta +0.5%, Alphabet +0.3%, Microsoft -0.3%, Apple -0.3%
- Adobe (ADBE) falls 3% after naming Anil Chakravarthy as its next chief executive officer, thrusting the company veteran into a challenging competition with artificial intelligence upstarts.
- Asan
