Live stock market news: Dow, S&P, Nasdaq fall but register weekly gains, OPEC oil fallout continues

U.S. equity futures were trading mixed ahead of the release of the most anticipated economic report of the month – the September employment report.

The major futures indexes suggest a gain on the Dow Industrials when the opening bell rings on Wall Street.

The Nasdaq is taking a hit due to news from chipmakers. Samsung saw profits plunge as demand fell. 

AMD provided third-quarter revenue estimates that fell well short of its previous forecast, citing lower-than-expected demand and significant inventory corrections across the personal computer market supply chain.

Oil prices steadied on Friday ahead of the jobs report.

WTI crude futures traded around $88.00 a barrel.

Brent crude futures traded around $94.00 a barrel.

Both benchmarks were headed for weekly gains, fueled by the production cut announcement by OPEC+.

Economists surveyed by Refinitiv say the U.S. economy likely added 250,000 new nonfarm jobs in September. That’s down from 315,000 the previous month and would mark the weakest job growth since December 2020. 

“Employment and jobless claims data suggest the job market remains firm. Even with some companies announcing layoffs or plans to cut jobs,” said Bankrate.com senior economic analyst Mark Hamrick. “It appears that many individuals have been able to transition to new employment opportunities in quick order.”

The unemployment rate is anticipated to hold steady at 3.7%.

The yield on the 10-year Treasury, which helps set rates for mortgages, rose to 3.84%.

In Asia, the Nikkei 225 in Tokyo sank 0.7% and Hong Kong’s Hang Seng tumbled 1.5%. Chinese markets were closed for a holiday. 

On Wall Street, the S&P 500 fell to 3,744.52. The index is up 4.4% for the week following its best two-day rally in 2 1/2 years.

The Dow Jones Industrial Average lost 1.1% to 29,926.94. The Nasdaq composite slid 0.7% to 11,073.31.