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Meanwhile, the February jobs report is set to be a major market-moving event. Economists polled by Dow Jones expect the U.S. to have added 170,000 jobs, with the unemployment rate holding steady at 4%. A stronger-than-expected report could reinforce concerns that the Fed will maintain higher interest rates for longer, while weaker data may reignite speculation about rate cuts.
Stock Market: Futures Rebound After Thursday’s Sell-Off
Stock futures are pointing higher in early trading on Friday following Thursday’s sharp declines. Dow futures rose 63 points (+0.15%), while S&P 500 futures gained 0.28%, and Nasdaq 100 futures led with a 0.42% advance.
On Thursday, equities tumbled as investors struggled to digest shifting trade policies. The Dow lost more than 400 points, while the Nasdaq Composite officially entered correction territory, down over 10% from its recent high. The S&P 500 is now down 3.6% for the week, the Dow has lost 2.9%, and the Nasdaq has fallen 4.1%.
“Markets are struggling to price in the impact of tariffs, especially when policies seem to be evolving rapidly,” said Jamie Cox, managing partner at Harris Financial Group.
Broadcom surged 16% in extended trading after reporting stronger-than-expected Q1 earnings, driven by a 77% year-over-year increase in AI-related revenue. The company projects AI semiconductor sales will reach $4.4 billion next quarter, reinforcing expectations of continued demand.
Costco, however, delivered mixed results, with revenue exceeding expectations at $63.72 billion but earnings per share missing estimates at $4.02 versus the expected $4.11. CEO Ron Vachris noted that the company is working to minimize the impact of tariffs on consumer prices, but tighter grocery margins remain a challenge.
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