S&P 500 futures slip ahead of May jobs report: Live updates

CNBC

05-06-2025

Traders work on the floor at the New York Stock Exchange (NYSE), on the day of Circle Internet Group's IPO, in New York City, U.S., June 5, 2025.
Brendan McDermid | Reuters
S&P 500 futures moved lower on Thursday evening ahead of a key jobs report that is expected to shed light on the health of the U.S. economy.
S&P 500 futures ticked down 0.2%. Futures for the Dow Jones Industrial Average were little changed, while Nasdaq 100 futures shed 0.4%.
The May nonfarm payrolls report is due out before the opening bell on Friday. Economists expect growth of 125,000 jobs, according to Dow Jones, which would represent a decline from the prior month but likely not enough of one to cause a surge in recession fears.
Some recent economic data has pointed to a slowdown in the U.S., raising questions about the impact of the multi-front tariff negotiations and the next steps for the Federal Reserve.
"The Federal Reserve is navigating a narrow path. While they expect the economy to soften, persistent trade uncertainty is ripe ground for monetary policy missteps. … With both large and small businesses indicating that they plan to hold onto their workers and ride out the tariff storm, only a modest weakening in the jobs market is likely, further reducing the urgency for Fed support," said Seema Shah, chief global strategist at Principal Asset Management.
The move in futures comes as the major indexes are holding on to modest gains for the week. The S&P 500 and Dow are up 0.5% and 0.1%, respectively, week to date, while the Nasdaq Composite is up nearly 1%.
On Thursday, the S&P 500 fell 0.5% and the Nasdaq Composite slid 0.8%. Those indexes were weighed down by Tesla , which tumbled 14% as CEO Elon Musk sparred with President Donald Trump on social media. The Dow, which does not include Tesla, was off by 108 points, or less than 0.3%.
Earnings reports could also be a key theme on Friday. Broadcom, Lululemon and Docusign all moved lower in extended trading after releasing their quarterly reports.
Futures for the Nasdaq 100 and S&P 500 dipped 0.4% and 0.2%, respectively, when trading resumed on Thursday evening. Dow futures were little changed.
— Jesse Pound
Shares of Lululemon sank 22% in extended trading after the apparel company cut its full-year earnings guidance, citing a "dynamic macroenvironment."
However, the firm was not the only company whose quarterly report led to a big after hours move: Docusign fell 17% after billings growth was slower than expected in the first quarter, according to FactSet.
fell 17% after billings growth was slower than expected in the first quarter, according to FactSet. Broadcom slipped 3% after reporting only modest beats on the top and bottom lines, according to analysts surveyed by LSEG, and free cash flow that was weaker than expected, according to FactSet.
Check out more movers here.
— Jesse Pound