S&P Backtracks Amid Tech Slump



S&P 500 futures fell early on Friday as traders looked ahead to the release of May’s jobs report, while the tech-heavy NASDAQ was poised to open sharply lower as Thursday’s U.S. tech selloff spread to Asian and European markets.

Futures for the Dow Jones Industrials inched up 39 points, or 0.1%, to 51,710.

Futures for the much broader index subsided 38.25 points, or 0.5%, to 7,563.

Futures for the NASDAQ Composite plunged 342.75 points, or 1.1%, to 30,145.50.

The S&P 500 is up less than 0.1% on the week. This slight gain puts it on track for its 10th straight positive week in a row, which would mark the longest positive streak for the index since 1985.

The 30-stock Dow is poised to end the week up 1%, while the NASDAQ is heading for a loss of 0.5%.

Shares in Broadcom were 1.4% lower after tumbling 12.5% on Thursday, with Marvell Technology and Micron down 2.7%.

Economists surveyed by Dow Jones expect the latest data to show that just 80,000 jobs were added last month, which would be lower than the average of 150,000 jobs over the prior two months. The consensus also sees the unemployment rate holding steady from April at 4.3%.

In Japan, the Nikkei 225 dived 1.3% Friday, while in Hong Kong, the Hang Seng lost 1.2%.

Oil prices gave back nine cents to $92.95 U.S. a barrel.

Gold prices tumbled $8.80 to $4,496.20 U.S an ounce.