US Open – Jobs Report Eyed Amid Tech Correction

How long can tech sell-off last?

US futures are flat ahead of the final session of the week, as traders await the August jobs report following Thursday’s sharp sell-off.

The tech-led declines have arguably been coming for some time, having made exrtaordinary gains since bottoming out in March. While these losses look sizeable – Apple 12% off its highs, Tesla 19%, Amazon 5% etc – it’s worth having a little perspective. They’ve only slipped to levels they’ve traded at in the last two weeks, we’re just seeing a little bit of the froth coming off these markets.

Naturally, putting firm valuations on stocks that have come so far in such a short period of time when most people struggle to know what the world will look like in six months, let alone years from now, is tough. I don’t expect these stocks to fall out of fashion though, I’d actually be surprised if it lasts much longer at all.

The jobs report today may highly influence whether stock markets spend another day in the red, with investors seemingly adopting a wait-and-see approach ahead of the open. The S&P and Dow are seen slightly paring losses while the Nasdaq is slightly in the red. This is the penultimate jobs report before November’s Presidential election, not a lot of time for Trump to prove he’s overseeing an economy rapidly on the mend. A couple of strong reports could give the President some momentum heading into November 3.

Economic Calendar

For a look at all of today’s economic events, check out our economic calendar.

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.