Friday November 4th

4-11-2016

US stock futures hold around breakeven after jobs report misses estimate

U.S. stock index futures held mostly flat on Friday after data showed the U.S. economy added less jobs than expected in October as traders geared up for next week's presidential election, where some polls appear to show the race between Hillary Clinton and Donald Trump tightening as campaigning enters its final days. Jobs in the U.S. grew by 161,000 last month, while economists polled by Reuters expected an increase of 175,000. The unemployment rate stood at 4.9 percent —in line with expectations —as investors got to digest the final payrolls report before Tuesday's presidential election. On the earnings front, Regeneron, Madison Square Garden and Duke Energy all posted quarterly results before the bell. Friday will also see comments from Federal Reserve Vice Chairman Stanley Fischer at 4 p.m. ET. Atlanta Fed President Dennis Lockhart and Dallas Fed President Rob Kaplan are also scheduled to speak Friday. In Europe, the pan-European Stoxx-600 index fell 0.97 percent lower on Friday. The Shanghai composite in China closed 0.12 percent lower and the Nikkei in Japan closed 1.34 percent lower. Oil prices were on course for their sixth straight day of falls on Friday, dragged lower by a surge in U.S. crude inventories, timid demand and doubts over the ability of producers to coordinate output cuts. Futures extended losses after Reuters reported Saudi Arabia threatened to raise oil output steeply to bring prices down if Iran refuses to limit its supply. Brent crude futures were at $45.76 per barrel at 8:40 a.m. ET (1225 GMT), down 59 cents from their last close.U.S. West Texas Intermediate (WTI) futures were down 41 cents at $44.25 a barrel. Gold eased on Friday as the dollar firmed ahead of U.S. jobs data, but looked set for a weekly gain of 2 percent, while investor appetite for the safe-haven asset stayed intact over signs of a close-run U.S. presidential election. Spot gold was down 0.26 percent at $1,298.65 an ounce by 8:33 EDT, while U.S. gold futures slipped 0.48 percent to $1,297.70 per ounce.