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Stock futures slipped early Friday ahead of a key jobs report, as Wall Street tries to shake off a sluggish start to January.
Futures tied to the Dow Jones Industrial Average had ticked down 60 points, or about 0.16%, by 4:30 a.m. ET. S&P 500 futures slipped 0.16%, and Nasdaq 100 futures fell 0.22%.
The moves come after the S&P 500 and Nasdaq Composite declined for their fourth and fifth straight negative session, respectively, on Thursday. The Dow closed marginally higher on the day but is still down for the week.
The three major averages are all on track to break nine-week winning streaks, with the Nasdaq Composite suffering the biggest loss for the week at 3.3%.
One factor weighing on the market is the cooling off of large-cap tech stocks like Apple, which has been downgraded by two research shops this week. Amy Kong, partner at wealth management company Corient, said her firm is taking a breather from buying the large tech names, several of which make up its top holdings.
“We are pausing on any new dollars going into this group of stocks. In general, the market after this great burst of optimism last quarter, is now sitting at a price-to-earnings ratio of 20-times this year’s earnings,” Kong said on “Closing Bell.” “It is a little bit high from an absolute standpoint, a little bit high from a historical standpoint, and so we need to see earnings grow into this multiple.”
A key driver of the market on Friday could be the December jobs report, which is due out before the bell. Economists polled by Dow Jones project that job growth slowed to 170,000 last month.
A surprise in either direction could hurt stocks, as many investors are expecting that the economy can continue to grow but at a slower pace that will allow the Federal Reserve to cut rates.
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