US STOCKS-Futures slip ahead of November jobs report

Reuters

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      Futures off: Dow 0.07%, S&P 0.02%, Nasdaq 0.07% 
    

  
       Dec 2 (Reuters) - U.S. stock index futures edged lower
on Friday as investors await the monthly jobs report for
November, which would provide more clues on the Federal
Reserve's path of monetary tightening.
    The Labor Department's jobs report due at 8:30 a.m. ET is
expected to show nonfarm payrolls rose by 200,000 in November,
less than the increase in October, while the U.S. unemployment
rate is likely to remain at 3.7% in the last month.
    Job growth for the last month was likely the smallest in
nearly two years as mounting worries of a recession cooled
demand for labor, which could give the Fed confidence to start
slowing the pace of its interest rate hikes this month.
    Wall Street indexes closed mixed on Thursday following a
sharp rally the day before sparked by Fed Chair Jerome Powell's
comments on scaling back interest rates hikes as early as
December.
    Thursday's moves followed a mixed bag of economic data,
including the personal consumption expenditure index, the Fed's
preferred inflation metric, which was better than expected,
while manufacturing activity shrank in November for the first
time in 2-1/2 years.
    Investors now see a 91% chance that the U.S. central bank
will increase interest rates by 50 basis points in December,
with the rates peaking under 5% in May 2023.  FEDWATCH 
    "The market is looking for the Goldilocks scenario for U.S.
jobs numbers on Friday," said Russ Mould, investment director at
AJ Bell.
    "Ideally the labor market would neither be so hot that it
suggests the Fed needs to stay aggressive on rates nor so cold
that it implies the world's largest economy is headed for a
severe downturn."
    Semiconductor company Marvell Technology Inc  MRVL.O 
tumbled 6.9% in premarket trading after quarterly earnings and
revenue missed expectations.
    Automation software firm UiPath Inc  PATH.N  jumped 10.2% on
upbeat quarterly earnings.
    At 05:42 a.m. ET, Dow e-minis  1YMcv1  were down 23 points,
or 0.07%, S&P 500 e-minis  EScv1  were down 1 point, or 0.02%,
and Nasdaq 100 e-minis  NQcv1  were down 8.25 points, or 0.07%.
    Benchmark 10-year Treasury yields  US10YT=RR  fell to
10-week lows and the two-year note  US2YT=RR , which often
indicates interest rate expectations, slipped to early October
lows.
 (Reporting by Shubham Batra and Ankika Biswas in Bengaluru;
Editing by Shounak Dasgupta)
 ((Shubham.Batra@thomsonreuters.com))

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