A person stands near an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, Oct. 3, 2022, in Tokyo. Asian shares were mostly lower on Monday after Wall Street closed out a miserable September with a loss of 9.3%, the worst monthly decline since March 2020. (AP Photo/Eugene Hoshiko) People wearing protective masks walk in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Monday, Oct. 3, 2022, in Tokyo. Asian shares were mostly lower on Monday after Wall Street closed out a miserable September with a loss of 9.3%, the worst monthly decline since March 2020. (AP Photo/Eugene Hoshiko) A person looks at an electronic stock board showing Shanghai, Japan's Nikkei 225 and New York Dow indexes at a securities firm Monday, Oct. 3, 2022, in Tokyo. Asian shares were mostly lower on Monday after Wall Street closed out a miserable September with a loss of 9.3%, the worst monthly decline since March 2020. (AP Photo/Eugene Hoshiko) The New York Stock Exchange on June 29, 2022, in New York. (AP Photo/Julia Nikhinson, File) Visitors make photos with the 4-foot bronze Fearless Girl statue opposite the New York Stock Exchange, Monday, Oct. 3, 2022, in New York. Wall Street rallied to its best day since late July as the S&P 500 rose 2.6%. (AP Photo/Bebeto Matthews) A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Tuesday, Oct. 4, 2022. Asian shares rose Tuesday, encouraged by a rally in U.S. shares after some weak economic data raised hopes that the Federal Reserve might ease away from aggressive interest rate hikes. (AP Photo/Lee Jin-man) A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Tuesday, Oct. 4, 2022. Asian shares rose Tuesday, encouraged by a rally in U.S. shares after some weak economic data raised hopes that the Federal Reserve might ease away from aggressive interest rate hikes. (AP Photo/Lee Jin-man) A currency trader stands near the screens showing the foreign exchange rates at a foreign exchange dealing room in Seoul, South Korea, Tuesday, Oct. 4, 2022. Asian shares rose Tuesday, encouraged by a rally in U.S. shares after some weak economic data raised hopes that the Federal Reserve might ease away from aggressive interest rate hikes. (AP Photo/Lee Jin-man) A person walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm Wednesday, Oct. 5, 2022, in Tokyo. Hong Kong’s share benchmark soared more than 5% on Wednesday as Asian shares tracked gains on Wall Street. (AP Photo/Eugene Hoshiko) A person stands in front of an electronic stock board showing Japan's Nikkei 225 index Wednesday, Oct. 5, 2022, in Tokyo. Hong Kong’s share benchmark soared more than 5% on Wednesday as Asian shares tracked gains on Wall Street. (AP Photo/Eugene Hoshiko) People pass by an electronic stock board showing Japan's Nikkei 225 index at a securities firm Wednesday, Oct. 5, 2022, in Tokyo. Hong Kong’s share benchmark soared more than 5% on Wednesday as Asian shares tracked gains on Wall Street. (AP Photo/Eugene Hoshiko) Traders gather around a post as Twitter shares resume trading on the floor at the New York Stock Exchange in New York, Tuesday, Oct. 4, 2022. (AP Photo/Seth Wenig) American flags fly outside the New York Stock Exchange, Friday, Sept. 23, 2022, in New York. (AP Photo/Mary Altaffer, File) Street signs at the intersection of Wall and Broad Streets are shown in lower Manhattan, Wednesday, Oct. 13, 2021. (AP Photo/John Minchillo, File) A currency trader walks by the screen showing the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Oct. 6, 2022. Asian stocks were mixed Thursday after strong U.S. hiring dampened hopes the Federal Reserve might ease off plans for interest rate hikes and the OPEC group of oil exporters agreed to output cuts to shore up prices. (AP Photo/Lee Jin-man) A currency trader walks at a foreign exchange dealing room in Seoul, South Korea, Thursday, Oct. 6, 2022. Asian stocks were mixed Thursday after strong U.S. hiring dampened hopes the Federal Reserve might ease off plans for interest rate hikes and the OPEC group of oil exporters agreed to output cuts to shore up prices. (AP Photo/Lee Jin-man) A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Oct. 6, 2022. Asian stocks were mixed Thursday after strong U.S. hiring dampened hopes the Federal Reserve might ease off plans for interest rate hikes and the OPEC group of oil exporters agreed to output cuts to shore up prices. (AP Photo/Lee Jin-man) Currency traders watch their computer monitors near the screens showing the foreign exchange rate between U.S. dollar and South Korean won, left, and the Korean Securities Dealers Automated Quotations (KOSDAQ), center, at a foreign exchange dealing room in Seoul, South Korea, Thursday, Oct. 6, 2022. Asian stocks were mixed Thursday after strong U.S. hiring dampened hopes the Federal Reserve might ease off plans for interest rate hikes and the OPEC group of oil exporters agreed to output cuts to shore up prices. (AP Photo/Lee Jin-man) Currency traders watch computer monitors near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Oct. 6, 2022. Asian stocks were mixed Thursday after strong U.S. hiring dampened hopes the Federal Reserve might ease off plans for interest rate hikes and the OPEC group of oil exporters agreed to output cuts to shore up prices. (AP Photo/Lee Jin-man) American flags fly outside the New York Stock Exchange, Friday, Sept. 23, 2022, in New York. (AP Photo/Mary Altaffer, File) A man wearing a face mask is reflected on an electronic foreign currency exchange rates in downtown Seoul, South Korea, Friday, Oct. 7, 2022. Asian shares followed Wall Street lower Friday ahead of U.S. jobs data investors hope will persuade the Federal Reserve to ease off plans for more interest rate hikes. (AP Photo/Lee Jin-man) A currency trader stands near screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Friday, Oct. 7, 2022. Asian shares followed Wall Street lower Friday ahead of U.S. jobs data investors hope will persuade the Federal Reserve to ease off plans for more interest rate hikes. (AP Photo/Lee Jin-man) A currency trader watches computer monitors at a foreign exchange dealing room in Seoul, South Korea, Friday, Oct. 7, 2022. Asian shares followed Wall Street lower Friday ahead of U.S. jobs data investors hope will persuade the Federal Reserve to ease off plans for more interest rate hikes. (AP Photo/Lee Jin-man) A currency trader walks by screens showing the Korean Securities Dealers Automated Quotations (KOSDAQ), center, and the foreign exchange rates at a foreign exchange dealing room in Seoul, South Korea, Friday, Oct. 7, 2022. Asian shares followed Wall Street lower Friday ahead of U.S. jobs data investors hope will persuade the Federal Reserve to ease off plans for more interest rate hikes. (AP Photo/Lee Jin-man) Currency traders watch monitors near screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Friday, Oct. 7, 2022. Asian shares followed Wall Street lower Friday ahead of U.S. jobs data investors hope will persuade the Federal Reserve to ease off plans for more interest rate hikes. (AP Photo/Lee Jin-man)
Wall Street shifted between small gains as losses early Friday with all eyes on the release of U.S. employment data that could affect decisions by the Federal Reserve as it attempts to curb inflation through interest rate hikes.
Futures for the S&P 500 fell less than 0.1% and futures for the Dow Jones Industrial Average rose 0.1%.
Major U.S. indices are poised to finish the week with gains, despite a sell-off over the past two days as other jobs data was released.
U.S. government data Thursday showed the number of applications for unemployment benefits hit a four-month high last week, suggesting the job market might be cooling. On Tuesday, the government reported that the number of available jobs in the U.S. plummeted 10% in August compared with July as businesses grow less desperate for workers.
Sandwiched between those two reports was a private sector report that said U.S. employers hired slightly more workers than forecast in September. That gives ammunition to Fed officials who say more rate hikes are needed to cool the economy and rein in inflation that is at a four-decade high.
U.S. government data due out Friday is expected to show fewer people were hired compared with previous months, but most economists do not believe it will be enough to dissuade the Fed from its aggressive stance after five rate hikes this year.
“What the market seems to be crying out for is a Fed pivot,” said Robert Carnell of ING in a report. “For its part, the Fed is sticking to its ‘higher for longer’ mantra.”
That pivot seems unlikely after Federal Reserve Governor Lisa Cook said Thursday that more interest rate increases will be necessary to wrestle inflation under control, echoing several tough speeches by other central bank officials this week.
Forecasters expect the government to report the economy added 250,000 jobs last month, well below the past year's monthly average of 487,000 but still a strong number despite inflation and two straight quarters of U.S. economic contraction.
In Europe at midday, the FTSE 100 in London gained 0.1%,the DAX in Frankfurt was flat and the CAC 40 in Paris advanced 0.2%.
In Asia, the Nikkei 225 in Tokyo sank 0.7% to 27,116.11 and Hong Kong’s Hang Seng tumbled 1.5% to 17,740.05.
The Kospi in Seoul shed 0.2% to 2,232.84 while Sydney’s S&P ASX 200 lost 0.8% to 6,762.80.
India’s Sensex lost less than 0.1% to 58,213.21. New Zealand and Southeast Asian markets declined.
In energy markets, benchmark U.S. crude gained $1.16 to $89.61 per barrel in electronic trading on the New York Mercantile Exchange. The contract advanced 69 cents on Thursday to $88.45. Brent crude, the price basis for trading international oils, advanced $1.12to $95.54 per barrel in London. It rose $1.05 the previous session to $94.42.
The dollar declined to 144.89 yen from Thursday's 145.07 yen. The euro inched up to 97.96 cents from 97.94 cents.
On Thursday, the S&P 500 lost 0.2%. The index is up 4.4% for the week following its best two-day rally in 2 1/2 years. The Dow slid 1.1% and the Nasdaq composite gave up 0.7%, but both are also up more than 4% headed into the final trading day of the week.
———-
McDonald reported from Beijing; Ott from Washington.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
As the AI market heats up, investors who have a vision for artificial intelligence have the potential to see real returns. Learn about the industry as a whole as well as seven companies that are getting work done with the power of AI.
Get This Free Report