Traders work on the floor of the New York Stock Exchange during morning trading on October 04, 2023 in New York City.
Michael M. Santiago | Getty Images
U.S. stock futures traded near the flatline Thursday, as Wall Street struggled to maintain the positive momentum from the previous session, and investors looked ahead to key jobs data.
Futures tied to the Dow Jones Industrial Average dipped 14 points, or 0.04%. S&P 500 futures ticked up 0.1%, while Nasdaq-100 futures traded up 0.2%.
Shares of Clorox slid 3.3% in the premarket, following guidance from the company for its fiscal first quarter that was much lower than consensus. The consumer goods company is calling for an adjusted loss ranging from 40 cents to zero cents per share. Analysts polled by FactSet called for $1.29 per share in earnings.
Stocks were coming off a positive session. The S&P 500 added 0.8% on Wednesday, while the Dow rose 0.4% and snapped a three-day losing streak. The tech-heavy Nasdaq Composite was the outperformer of the three major averages, jumping 1.35%.
“I’ve been cautious all year. Obviously, we’re getting a little reprieve today, but I think it’s just that: It’s a brief reprieve,” said Liz Young, SoFi’s head of investment strategy, on CNBC’s “Closing Bell.”
Stocks were aided by a retreat in Treasury yields. The rate on the 10-year Treasury note slipped from highs last seen in 2007 after payroll processing firm ADP said that private job growth totaled 89,000 for September. That number came in well below the 160,000 estimate from Dow Jones, and it seemed to assure investors that the labor market is loosening.
The 10-year yield was little changed Thursday.
Key jobs data that could move the market is on deck. Weekly jobless claims are due Thursday morning, while the main event for the market — September’s nonfarm payrolls — will be out Friday.
–CNBC’s Yun Li contributed reporting.
