Pre Open US - US Indices 1 Sep 2023

S&P 500 futures and Nasdaq 100 futures both rose by 0.6%. MongoDB and Dell Technologies saw gains of 6% and 9%, respectively, in extended trading, driven by stronger-than-expected earnings reports.

In August 2023, the US economy added 187,000 jobs, surpassing the revised July figure of 157,000 and market expectations of 170,000. However, it marked the third consecutive month with job gains below 200,000, signaling labor market moderation due to the Federal Reserve's rate hikes aimed at combating inflation.

The data appears positive for stocks but may also indicate a slowdown in the labor market, especially with the unemployment rate rising from 3.5% to 3.8%, and average hourly earnings decreasing monthly by 0.2%.

Over the past two days, the Nasdaq has displayed signs of strength by surpassing the 15,300-resistance level and heading towards the 16,000 mark, its previous peak. This higher level presents a formidable challenge for further advancement. Notably, media coverage appears to be providing solid support for the price, and even the bearish pattern that was emerging earlier seems to have lost its significance.