Nasdaq futures rise as chip stocks gain ahead of US jobs report

Nasdaq 100 E-Mini futures rose 0.51% as chipmakers and other artificial-intelligence-linked shares advanced ahead of the US non-farm payrolls report. Investors were watching the data for fresh indications of how the Federal Reserve may approach interest rates.

Sandisk and Marvell Technology rose more than 2% in pre-market trading, while Micron Technology, Intel and Advanced Micro Devices gained more than 1%. The moves came as lower bond yields eased pressure on growth-stock valuations.

The yield on the benchmark 10-year US Treasury note fell to 4.76%. US rate futures implied a 52.4% probability of a 25-basis-point rate rise at the Federal Reserve’s September meeting, compared with a 47.6% probability of no change.

Economists expected August payrolls to increase by 55,000, unemployment to remain at 4.1% and average hourly earnings to rise 0.3% month-on-month. Those figures were forecasts ahead of the report, and the source material did not provide the eventual results.

Federal Reserve Governor Christopher Waller said moderating inflation could make him inclined to support holding rates steady. The comments added to market focus on whether incoming economic data will shift expectations for the central bank’s next decision, according to reporting carried by Yahoo Finance.