Stock futures press higher as big jobs report loom

Stock futures press higher as big jobs report looms
MADRID (MarketWatch) — Stock futures were pushing higher on Friday after five days of losses for blue chips and ahead of nonfarm payrolls data that many hope/fear will shed light on the timing of Federal Reserve tapering.

Jobs data isn’t the only thing on the calendar, with consumer spending and an index of consumer confidence due, while several retailers such as Big Lots Inc. (NYSE:BIG) could see pressure after disappointing results late Thursday.

Stock futures ticked steadily higher through Asia and Europe’s early session. Those for the Dow Jones Industrial Average (GLC:NDZ3) rose 51 points, or 0.3%, to 15,868. Those for the Standard & Poor’s 500 index (GLC:SPZ3) rose 6.6 points, or 0.4%, to 1,791.60. Futures for the Nasdaq-100 index (GLC:NDZ3) rose 11.25 points, or 0.3%, to 3,490.

Lee Mumford, trader at Spreadex, said futures are reflecting some rebound from Thursday’s losses for the Dow industrials (DJIJIA) and the S&P 500 (SNC:SPX) after upbeat data boosted bets for tapering at the December Federal Open Market Committee meeting.

“The data from the U.S. was good yesterday and the initial reaction was to sell. Now the data has been digested and until we hear what the nonfarms are, I think the markets will be fairly range-bound,” Mumford said in emailed comments.

As for the big data, due at 8:30 a.m. Eastern Time, economists polled by MarketWatch expect November payroll gains of 180,000 from 204,000 in October, and a drop in the unemployment rate to 7.2% from 7.3%. The going wisdom on Wall Street is that a number much bigger-than-forecast for jobs growth will push the envelope on a December taper, given the strength in recent data.