FX.co ★ US Futures Edge Higher Ahead of Jobs Report

US stock futures edged higher on Friday as investors eagerly anticipated the August jobs report, which is expected to play a crucial role in solidifying expectations for a Federal Reserve rate cut this month. On Thursday, the S&P 500 advanced by 0.83% to reach a new record close. Meanwhile, the Dow increased by 0.77%, and the Nasdaq Composite went up by 0.98%. These gains were fueled by data showing that private payrolls grew by just 54,000 in August, significantly below forecasts. Additionally, jobless claims soared to their highest level since June, indicating further cooling in the labor market. This prompted traders to estimate a more than 99% likelihood that the Federal Reserve will implement a 25 basis point cut on September 17. In corporate news, Broadcom saw a 4% surge in after-hours trading after reporting stronger-than-expected third-quarter earnings and providing an optimistic outlook. The company also announced $10 billion in new orders from a client for custom artificial intelligence chips.