Jobs report, Lululemon shares rise and more: Friday's 5 things to know
Traders will also be watching the movement of shares of Lululemon and Pagerduty, both rising on earnings reports
Market expert predicts stocks will rally through September
ProChain Capital president David Tawil argues for a 'resilient' economy in the face of rising rates.
Here are the key events taking place on Friday that could impact trading.
JOBS REPORT: The key economic report of the week, the August employment report out Friday morning, is expected to show a solid jobs market that’s starting to cool off.
Economists anticipate the Labor Department to say the U.S. economy added 300,000 new nonfarm jobs in August. That’s down from a blowout gain of 528,000 in July.
"If the consensus among economists is close to correct, the number of jobs added in August will be the lowest in over a year," said Mark Hamrick, senior economic analyst at Bankrate.com. "At the same time, the unemployment rate sits at 3.5%, the lowest point since the pandemic, matching a decades low level."
AUGUST JOBS REPORT LIKELY TO SHOW HIRING REMAINED HEALTHY, BUT GAINS COULD SLOW IN COMING MONTHS
FILE - Hiring sign is displayed at a restaurant in Highland Park, Ill. ( AP Photo/Nam Y. Huh / AP Newsroom)
The manufacturing sector likely added 20,000 jobs in August, trailing the larger-than-expected increase of 30,000 the prior month.
Look for hourly earnings to increase 0.4% month-over-month and to jump 5.3% from a year ago.
LULULEMON: Shares gained more than 9% in after-hours trading after the company reported fiscal second-quarter net income of $289.5 million.
On a per-share basis, the company said it had net income of $2.26. Earnings, adjusted for non-recurring gains, came to $2.20 per share, beating expectations.
Lululemon store in Washington, D.C. (iStock / iStock)
The athletic apparel maker posted revenue of $1.87 billion in the period, also topping Street forecasts.
For the current quarter ending in October, Lululemon said it expects revenue in the range of $1.78 billion to $1.81 billion. Analysts expectations are for revenue of $1.73 billion.
The company expects full-year earnings in the range of $9.75 to $9.90 per share, with revenue ranging from $7.87 billion to $7.94 billion.
PAGERDUTY: Shares gained 8% in after-hours trading following the company's latest results.
The San Francisco-based company said it had a loss of 44 cents per share. Losses, adjusted for stock option expense and amortization costs, were 4 cents per share.
The results topped Wall Street expectations.
The software developer posted revenue of $90.3 million in the period, also beating Street forecasts.
For the current quarter, PagerDuty expects its results to be a loss of 3 or 4 cents per share with a revenue range of $92 million to $94 million.
BILLIONAIRE OIL REFINERY OWNER REVEALS 'SIMPLE' SOLUTION TO LOWER INFLATION
OIL'S LOSING WEEK: Benchmarks are on track for a steep weekly decline as fears of China's COVID-19 curbs and weak global growth weighed on the market.
Oil was higher Friday on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5.
Working oil pumps as the sun goes down. (iStock / iStock)
U.S. West Texas Intermediate crude futures traded around $88.00 a barrel.
Brent crude futures were around $94.00 a barrel.
Both benchmark contracts slid 3% in the previous session to two-week lows. Brent was headed for a weekly drop of nearly 7%, and WTI was on track to fall about 5% for the week.
MARKET HOLIDAY: Monday is Labor Day and a market holiday. U.S. equity and bond markets will be closed.
Equity futures will trade Monday until 1:00 PM ET.
CLICK HERE TO READ MORE ON FOX BUSINESS
Energy & Metals futures will trade until 2:30 PM ET.