Wall Street is eagerly awaiting the upcoming jobs report, set to be released on Friday, as it could have a significant impact on the Federal Reserve's decision regarding the first rate cut in this cycle. This move is anticipated to provide some relief for both companies and households grappling with the highest interest rates seen in 23 years.
Initially, traders had factored in six rate cuts for this year, but as nine months have passed without any action from central bankers, the market is on edge. However, the tide is expected to turn in less than two weeks, with the Fed likely to implement a rate cut now that inflation has been brought down to more manageable levels.
On Friday morning, Dow futures were down by 140 points, S&P 500 futures showed a 0.6% decrease, and futures linked to the Nasdaq were down by 1%. Additionally, Treasury yields experienced a decline, with the 10-year yield hitting its lowest point for the year.
