SNAPSHOT Futures extend gains after August jobs data

Traders work on the floor of the NYSE in New York

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing Rights

Sept 1 (Reuters) – U.S. stock index futures extended gains on Friday after a closely watched report showed a rise in the unemployment rate in August, spurring expectations that the Federal Reserve could pause its monetary tightening.

The Labor Department’s report showed unemployment rate rose to 3.8% against expectations that it would remain unchanged at 3.5%, while wages advanced 0.2% on a monthly basis, moderating from a 0.4% rise in July.

Nonfarm payrolls increased by 187,000 jobs in August, against expectations of 170,000 additions, according to a Reuters poll of economists.

At 8:34 a.m. ET, Dow e-minis were up 170 points, or 0.49%, S&P 500 e-minis were up 26.75 points, or 0.59%, and Nasdaq 100 e-minis were up 89.25 points, or 0.57%.

Reporting by Amruta Khandekar and Shristi Achar A; Editing by Shounak Dasgupta

Our Standards: The Thomson Reuters Trust Principles.

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