As investors anticipated a crucial employment report and awaited a potential Supreme Court ruling that would alter the course of President Trump's tariffs, US stock futures slightly declined late on Thursday.
Contracts linked to the S&P 500 (ES=F) moved 0.1% lower, futures on the Nasdaq 100 (NQ=F) fell 0.2%, and Dow Jones Industrial Average futures (YM=F) faltered below the baseline.
Technology stocks lost market leadership during Thursday's regular session. Declines in companies including Nvidia (NVDA), Palantir (PLTR), and Broadcom (AVGO) put pressure on the Nasdaq Composite (^IXIC).
In the meantime, the Dow Jones Industrial Average (^DJI) surged back toward its all-time high. Two major events are the focus of Friday's markets.
First, there will be a Supreme Court opinion day that may discuss whether Trump's tariffs are lawful. Should the high court rule that the tariffs are illegal, the ruling may drastically alter international trade and have a significant impact on the administration's economic agenda.
The December jobs data, which is released prior to the opening bell, is the second stimulus. According to a Bloomberg survey of economists, payroll will increase by roughly 70,000 while the unemployment rate will marginally decline to 4.5%.
With fewer than three weeks until the Federal Reserve makes its next interest rate decision, the report will be crucial to its future course.
In an effort to reduce mortgage rates and allay growing concerns about affordability, investors are also keeping an eye on Trump's remarks ordering the federal government to buy $200 billion in mortgage-backed securities.
There are still many unanswered questions about that proposal. The first full week of 2026 is expected to end higher for all three main indexes. So far this week, the Dow and Nasdaq have risen almost 1.8% and 1.1%, respectively, while the S&P 500 has increased by almost 1%.
