US stock futures rose on Friday as easing Treasury yields and a pullback in oil prices gave investors some relief before the September jobs report, the final major labour-market reading before the Federal Reserve’s October meeting.
Dow futures gained about 0.58%, S&P 500 futures rose 0.50% and Nasdaq 100 futures advanced roughly 0.72%.
The 10-year Treasury yield eased towards 5.23% after touching a 24-year high above 5.34%, while Brent slipped below $100 after Europe discussed releasing emergency fuel stocks.
Chip stocks led the rebound, but Nike’s post-earnings slump showed company-specific risks remain acute.
5 things to know before Wall Street opens
1. Payrolls could decide whether October stays off the table
Economists expect September payroll growth of roughly 85,000 to 90,000, down sharply from August’s 162,000, with unemployment holding at 4.1%.
A hotter reading would challenge the rapid retreat in rate-hike expectations.
Markets now imply about a 76% probability that the Fed leaves rates unchanged in October, compared with roughly 29% a week ago.
2. Bonds and oil finally offer Wall Street some relief
The Treasury rout paused after the 10-year yield reached 5.34% and the 30-year climbed above 5.6%.
The two-year yield also hovered near a one-week low as traders scaled back October tightening bets.
Oil added another tailwind, as Brent fell below $100 after EU governments discussed a French proposal for a 50 million-barrel diesel release, alongside a possible 50 million-barrel crude release by International Energy Agency members.
3. Nvidia and megacaps lead the pre-market rebound
Technology shares were among the strongest pre-market performers. Nvidia gained about 0.9%, while Broadcom and AMD advanced roughly 1% each.
Alphabet and Tesla also rose close to 1%. Lower yields are particularly helpful to long-duration technology shares because they reduce the discount rate applied to future earnings.
The move also reinforces how heavily Wall Street continues to rely on the AI trade after tech helped the Nasdaq outperform during September.
4. Nike’s turnaround suffers another credibility hit
Nike sank about 10% after forecasting a high-single-digit revenue decline for fiscal 2027, announcing further job cuts and reorganising its global operations.
First-quarter revenue fell 4% to $11.21 billion, while Greater China remained a major weak spot.
CFRA analyst Zachary Warring told Bloomberg Television that both the quarter and full-year outlook were disappointing, arguing that Nike’s turnaround appeared less advanced than investors might expect nearly two years into Elliott Hill’s tenure.
5. Moderna and crypto show risk appetite returning
Moderna gained more than 2% after Nasdaq said the biotech company will join the Nasdaq-100 on October 9, replacing Warner Bros. Discovery.
The inclusion creates a new source of mechanical demand from index-tracking funds.
Risk appetite was also visible in crypto, with Bitcoin up about 2% and Coinbase and Strategy gaining nearly 3% before the bell.
Those moves remain vulnerable to payrolls, as softer jobs data could pull yields lower and extend Friday’s risk rally, while another upside surprise could quickly revive the higher-for-longer trade.
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