Investing.com – U.S. Futures were flat on Friday as investors pause before the latest jobs report later in the day.
The S&P 500 futures inched down a little over half a point or 0.03% to 2,738.50 as of 6:41 AM ET (11:41 GMT) while Dow futures increased eight points or 0.03% to 24,900.0. Meanwhile tech heavy Nasdaq 100 futures was up two and a half points or 0.04% to 6,976.25.
Investors are looking ahead to the jobs report, due at 8:30 AM ET (13:30 GMT). Last month’s jobs report sparked concerns about inflation and caused a sharp selloff in equities. Traders will be paying attention to the nonfarm payrolls to gain insight into the strength of the U.S. economy.
On the political front, U.S. President Donald Trump signed an expected declaration that implements a 25% tariff on steel and 10% on aluminum imports. The tariffs will take effect in 15 days and will exempt Canada and Mexico, two of the U.S.’s biggest trade partners.
Some investors and leaders worry the tariffs could create a trade war. The European Union has announced that it will retaliate in a tit-for-tat tariff on American exports like cranberry sauce, Levi jeans, and bourbon.
Oil and chemicals transportation firm Top Ships Inc (NASDAQ:TOPS) was among the biggest gainers in pre-market trading, rising 5.40%. Wynn Resorts Limited (NASDAQ:WYNN) was up 2.17% amid news that it was paying $2.4 billion to settle a lawsuit with Japanese gaming group Universal Entertainment.
Elsewhere luxury car maker Tesla (NASDAQ:TSLA) dipped 1.61% after its chief accounting officer left the firm. Toy maker Mattel (NASDAQ:MAT) was down 3.19% while telecommunications firm Nokia (HE:NOKIA) Corp ADR (NYSE:NOK) was down 0.85%.
Boston Fed President Eric Rosengren and Chicago Fed President Charles Evans are expected to speak on Friday. The Federal Reserve enters its media blackout on Saturday, as it prepares for its March monetary policy meeting in a week and a half.
In Europe stocks were mixed. Germany’s DAX fell 34 points or 0.28% while in France the CAC 40 increased six points or 0.12% and in London, the FTSE 100 was up half a point or 0.01%. Meanwhile the pan-European Euro Stoxx 50 fell one point or 0.04% while Spain’s IBEX 35 lost 13 points or 0.14%.
In commodities, gold futures were down 0.07% to $1,320.80 a troy ounce while crude oil futures jumped 0.72% to $60.55 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, inched up 0.10% to 90.20.