From Nasdaq:

The benchmark S&P 500 and the Nasdaq are likely to open lower after a jobs report suggested resilience in the labor market, slowing down expectations for early interest-rate cuts. Bets on Fed cuts could drive future gains. Private employers hired more workers than expected, pointing to ongoing strength in the labor market.

A 66.4% chance for a 25-basis point rate cut in March and a 95% probability for a May cut. Yields on longer-dated U.S. Treasury tenors rose after the data. Apple slid 1.2% in premarket trading after a downgrade from Piper Sandler to “neutral” from “overweight.” Micron Technology rose 0.5% with an upgraded recommendation.

At 8:38 a.m. ET, Dow e-minis were up 83 points, or 0.22%, S&P 500 e-minis were down 2.25 points, or 0.05%, and Nasdaq 100 e-minis were down 69 points, or 0.42%. Among other movers, Mobileye Global sank 27.9% after forecasting preliminary fiscal 2024 revenue below estimates. Dow component Walgreens Boots Alliance added 0.9% after reporting better-than-expected profit for the first quarter on strength in its pharmacy operations. Nike and Foot Locker shed after UK retailer JD Sports lowered its annual profit forecast.

Overall, it appeared that a technical adjustment was in action, rather than a true shift in the market. The current economic landscape with strong labor market data could potentially lead to interest-rate cuts, but strong private hiring and low unemployment filings suggest the U.S. economy could sustain itself without drastic measures.



Read more: US STOCKS-S&P 500, Nasdaq set for lower open after jobs data; Apple slips