U.S. stock index futures fell on Friday as the selloff in SVB Financial shares extended into premarket trading, while investors awaited a key jobs report for more clues on the Federal Reserve's monetary policy path.
Traders' bets currently are split nearly equally between the odds of a 25 bps and a 50 bps rate hike at the Fed's March meeting, with rates seen peaking at 5.48% in July. .
After a sharp rise in jobless claims last week raised hopes of the Fed likely softening its policy stance, all eyes are now on the non-farm payrolls data due at 8:30 am ET, which is expected to showThe reading is likely toby 205,000 jobs in February, less than half of the eye-popping 517,000 additions in January. The unemployment rate is forecast to stay unchanged at 3.4%, the lowest since May 1969.
"The strength of the January jobs data came as a surprise to markets," said Mark Haefele Chief Investment Officer, UBS Global Wealth Management in a note. "While an upside surprise of this magnitude looks unlikely, the February report could remain too strong for comfort, from the Fed’s perspective." At 5:35 a.m. ET, Dow e-minis were down 127 points, or 0.39%, S&P 500 e-minis were down 11.75 points, or 0.3%, and Nasdaq 100 e-minis were down 4.5 points, or 0.04%.
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