New York, May 8, 2026, 06:06 EDT
- Nasdaq 100 futures led U.S. stock contracts higher in early premarket action, with traders eyeing April jobs numbers.
- The jobs numbers take on added weight, with investors watching for any signals that might influence the Federal Reserve’s next steps—especially after the recent spike in energy prices.
- Early mood stayed cautious, shaped by oil, Middle East tensions, and choppy software earnings—not exactly bullish out of the gate.
Nasdaq 100 futures pushed higher early Friday, outpacing other major indexes, as traders brushed off renewed U.S.-Iran tensions near the Strait of Hormuz and shifted focus to the April jobs data set for release ahead of the bell. By about 5:30 a.m. EDT, S&P 500 contracts were up 0.48%, Nasdaq 100 gained 0.67%, Dow futures rose 0.30%, while Russell 2000 added 0.32%.
Markets are bracing as the numbers hit. The Labor Department’s jobs report drops at 8:30 a.m. ET. Economists polled by Reuters look for just a 62,000 increase in April nonfarm payrolls, down from the 178,000 jobs logged in March, while unemployment is projected to stick at 4.3%.
If the data comes in soft—though not disastrous—stocks might stick around those recent peaks. But if wage growth comes in strong, that’s going to be a tougher pill, likely cementing bets on the Fed keeping rates higher for longer. “The status quo holds,” RSM’s chief economist Joe Brusuelas told Reuters, adding that wage numbers and jobless rates are what the Fed’s watching. Reuters
Geopolitical jitters stuck around. According to Investing.com, fresh U.S.-Iran tensions flaring up near the Strait of Hormuz weighed on global stocks. Deutsche Bank’s Henry Allen and his team pointed out that markets still weren’t reflecting a “worst-case scenario.” Investing.com
Oil prices swung after an earlier surge. Brent hovered close to $100 a barrel, WTI crude traded at about $94.5. The U.S. 10-year Treasury yield slipped to around 4.37% this morning. Rising oil stokes inflation worries, but those softer yields provided some support for equity futures.
Thursday saw the S&P 500 slip 0.38% to 7,337.11, according to Reuters. The Nasdaq edged down 0.13% to 25,806.20, while the Dow finished 0.63% lower at 49,596.97. Chip stocks reversed earlier gains as investors kept a close eye on the conflict.
Even so, the wider market is holding up. Reuters cited Mike Dickson, Horizon Investments’ head of portfolio management, who said the recent dip hasn’t wiped out what he called a “rip-roaring quarter of recovery.” Demand tied to tech and AI continues to support sentiment. Reuters
Premarket action split sharply. Akamai surged close to 30% on word of a new long-term cloud agreement with a leading-edge AI model player. Shares of BILL Holdings climbed on better-than-expected results. Cloudflare, on the other hand, slumped more than 10% post-earnings, adding to the ongoing swings in software stocks.
Federal Reserve officials remained in focus. San Francisco Fed President Mary Daly, speaking Thursday, told Reuters that higher energy prices haven’t pushed medium- or long-term inflation expectations upward yet, and she characterized policy as “slightly restrictive,” according to a Reuters report cited by the Economic Times. The Economic Times
The backdrop could shift abruptly. A solid payrolls or wage figure might send Treasury yields climbing, reigniting pressure on growth shares. On the other hand, a soft reading may stoke concern about faltering demand. Throw in fresh turmoil in the Strait of Hormuz, and suddenly fuel prices become the new headache—just as investors pick through the latest jobs data.
Right now, futures are up before 8:30 a.m., though not by much—traders seem hesitant. Jobs data hits first. Oil and the Fed will follow.
