Stock Market Today : U.S. Stock Futures Hold Gains After Jobs Report: Markets Wrap

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Contracts on the S&P 500 initially pared gains after hiring came in weaker than forecast, but turned higher as investors keyed on underlying strength in the report that signaled a solid labor market that isn’t too strong to deter further central bank easing. The dollar fell and the 10-year Treasury yield trimmed gains amid speculation the Federal Reserve could cut interest rates more than expected in two weeks. Chairman Jerome Powell is set to make public remarks Friday.

“The print almost guarantees that the Fed is going to cut rates by 25 points,” said Bruce Bittles, chief investment strategist at Robert W. Baird. “The print doesn’t change anything, it solidifies the fact that the Fed is going to lower rates.”

Gold retreated after reaching a 2019 high earlier in the week. Hurricane Dorian threatens to hit cotton, tobacco, hemp and corn farms in the U.S. Southeast.