Stock futures saw little change in early morning trading on the Friday leading up to the November job report as the market nears the end of a roller coaster week fueled by developments in the Covid-Omicron variants.
Futures on the Dow Jones Industrial Average only gained 15 points. S&P 500 futures were down 0.08% and Nasdaq 100 futures were down 0.15%.
Meanwhile, during Asian trading hours on Friday, Chinese ride-hailing giant Didi announced that it would begin delisting from the New York Stock Exchange and instead make plans to list in Hong Kong.
The job report for November is due to be published on Friday morning. Investors expect solid employment growth last month, with economists polled by Dow Jones forecasting 581,000 new jobs in November.
The three major indices rebounded in Thursday’s regular trading session. The Dow gained 617 points. The S&P 500 rose 1.4% and the Nasdaq Composite rose 0.8%.
Cyclical stocks tied to the economic recovery made up some of their recent losses. Industrials led the S&P 500 sectors on Thursday, up 2.89%.
“We see the recent sell-off in these segments as an opportunity to buy the decline in cyclicals, commodities and reopening themes,” said Marko Kolanovic, chief global markets strategist at JPMorgan, in a statement on Wednesday.
On the data front, initial jobless claims for the week ending Nov. 27 were 222,000, fewer than economists had anticipated.
Despite the rally on Thursday, the averages are at the level of a week of losses. The Dow and Nasdaq Composite are each about 0.7% lower for the week, while the S&P 500 is down 0.4%.
“With rising cases of the virus, a less accommodating Fed and tougher growth rates in the coming year, uncertainties about the outlook could simply mount – creating a more volatile environment for pricing,” Goldman Sachs’ Chris Hussey said in a note.