Dow futures point to fresh selling with jobs report on tap
U.S. stock-indexes were indicated sharply lower again on Friday as the number of confirmed cases of COVID-19 globally neared 100,000 with infections surging outside of China where it originated and the U.S. Labor Department’s nonfarm-payrolls report for February also due.
What drove the market? Stocks on Friday were looking to end a volatile week with further losses as the spread of the viral outbreak that was first identified in Wuhan, China intensifies, accelerating purchases of assets perceived as safe havens and placing further pressure on those considered risky like stocks.
“I still believe we can get through this year without a recession,” Kaplan said, in an interview on Bloomberg Television. Kaplan is a voting member on the rate-setting Federal Open Market Committee’s which will meet on March 17-18. The U.S. likely added 165,000 new jobs in February after a preliminary 225,000 gain in the first month of the year, according to economists surveyed by MarketWatch. The unemployment rate is expected to slip to 3.5%. The report will be released at 8:30 a.m. Eastern Time.
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