Nasdaq set to lead US markets higher as payrolls data looms
Published: 08:00 07 Aug 2026 EDT
8am: Positive start expected as market eyes payrolls data
US markets are pointed higher ahead of July's non-farm payrolls data, due out before the open, with the Nasdaq set to lead the way. Nasdaq futures point to a 0.5% gain, S&P futures are up 0.2%, and Dow futures are firmer by less than 0.1%.
It follows a softer session on Thursday, when the Dow pulled back from its record high as rising oil prices and higher Treasury yields weighed on sentiment. The Dow fell 0.9%, the S&P 500 slipped 0.2%, and the Nasdaq edged 0.1% lower.
Richard Hunter, head of markets at interactive investor, said investors are largely keeping their powder dry amid the usual contradictory noises from parties involved in the Middle East conflict and the employment report.
Payrolls are expected to show 80,000 jobs added in July, up from 57,000 in June, though Hunter noted the range of forecasts is unusually wide. With inflation concerns lingering, wage growth and unemployment data could prove market-moving, given markets are split roughly evenly between a September rate hike and no change from the Federal Reserve.
Oil rose around 1% to near $83 a barrel, with Hunter noting scepticism around reports of a possible Strait of Hormuz resolution given the "many false dawns" seen in recent months, while separate reports of a proposed ban on US and Israeli vessels risk further destabilisation.
On earnings, Hunter said the reporting season has been "a resounding success," with roughly 85% of companies beating expectations.
"The fly in the ointment has been certain of the outlook and guidance comments, which have not always lived up to increasing expectations given the strength of US corporate profitability this year," Hunter added.
One company that didn't disappoint was Airbnb Inc (NASDAQ:ABNB, XETRA:6Z1), which reported after the closing bell. The alternative accommodation provider jumped 8% in pre-market trading after it reported better-than-expected second-quarter results and raised its full-year revenue and adjusted EBITDA margin guidance, citing continued strong travel demand.
