US stock futures point to a higher open for the S&P 500, Dow Jones, and Nasdaq 100 indices. Investors are focused on the upcoming September jobs report, with nonfarm payrolls projected to rise by 90,000 and the unemployment rate expected to hold steady at 4.1%.

If met, the payroll gain would mark a slowdown from August’s 162,000 increase while remaining comfortably above the 12-month average of 50,300. The iShares Core S&P 500 ETF and other major tracking instruments were higher in premarket trading.

Market performance and key movers

Futures indicate positive momentum across major benchmarks. The SPDR S&P 500 ETF Trust rose 0.52% to $767.99, while the Invesco QQQ Trust ETF advanced 0.86% to $748.4 in premarket activity.

Several individual stocks are in focus following significant corporate developments:

• Nike Inc. plunged over 10.2% in premarket trading after reporting mixed first-quarter financial results. Benzinga’s Edge Stock Rankings indicate a weak price trend across long, short, and medium terms with a poor quality score.
• Synaptics Inc. surged 14.45% after announcing it will be acquired by ON Semiconductor Corp for $123 per share under a revised agreement. The company maintains a strong long-term price trend but weak short-term momentum.
• AsiaStrategy was 7.5% higher after disclosing a non-binding memorandum of understanding with Plume to advance real-world asset tokenization across Asia.
• Mangoceuticals Inc. plunged 10.28% after announcing its former subsidiary secured a $2.5 million strategic investment.
• Corteva Inc. declined by 1.03% after spinning out its seeds and genetics company, Vylor Inc. The firm shows a weak price trend with a poor growth score.

Macroeconomic backdrop and analyst views

The 10-year Treasury bond yielded 5.24%, and the 2-year Treasury bond yielded 4.79%. The CME Group’s FedWatch tool projections show markets pricing in a 23.8% likelihood of the Federal Reserve hiking interest rates after its October meeting.

Alex Sagal, Global Equity Analyst at Wells Fargo, notes that the US economy is navigating stronger currents driven by resilient economic growth, persistent inflation, and elevated borrowing costs. While higher interest rates create challenges for borrowers, Sagal states that higher rates do not automatically sink the market for equities.

Wells Fargo maintains a favorable view on US large-cap equities, citing resilient earnings, strong balance sheets, pricing power, and continued artificial-intelligence investment. In contrast, the firm holds an unfavorable view on smaller companies due to greater refinancing exposure and weaker profitability.

Commodities and global markets

Crude Oil WTI futures traded lower by 3.81% to hover around $89.33 per barrel. Gold Spot US Dollar rose 0.11% to $4,181.73 per ounce, while the US Dollar Index spot was 0.18% lower at 101.91. Bitcoin was trading 3.40% higher at $86,359 per coin over the last 24 hours.

Asian markets were mixed on Friday. Australia’s ASX 200, South Korea’s Kospi, and China’s CSI 300 indices rose, while India’s Nifty 50, Hong Kong’s Hang Seng, and Japan’s Nikkei 225 indices fell. European markets were higher in early trading.

What the numbers show

The divergence between the projected September payroll gain of 90,000 and August’s 162,000 indicates a cooling labor market, yet the figure remains significantly above the 12-month average of 50,300. This suggests that while hiring momentum is slowing, it is not contracting, supporting the narrative of resilient economic growth cited by analysts despite elevated borrowing costs.

The S&P 500 rose 0.19% to 7,666.45 on Thursday as the 10-year Treasury yield fell five basis points to 5.24%, retreating after briefly touching 5.34%, its highest level since April 2002.

Market sentiment remained cautious, with the CNN Money Fear and Greed Index declining to 27 from a prior reading of 30, keeping the index in the "Fear" zone. Investors weighed strong corporate earnings against elevated borrowing costs and mixed economic data.

Market indices and sector performance

The broader market closed slightly higher despite sectoral divergences. The Dow Jones Industrial Average gained around 20 points to 50,926.60, while the Nasdaq Composite edged up 0.04% to 26,871.60.

Most sectors on the S&P 500 closed lower, with health care, communication services, and real estate recording the biggest losses. Energy and industrials stocks, however, closed the session higher.

Micron and Accenture drive tech gains

Micron Technology (NASDAQ: MU) shares gained 3% after the company reported fiscal fourth-quarter revenue above $54 billion and guided first-quarter revenue to $61.5 billion. This marks a reversal from earlier intraday weakness, suggesting investors rewarded the forward guidance as yields stabilized.

Accenture plc (NYSE: ACN) surged around 16% following a blowout earnings report. The company posted fiscal fourth-quarter adjusted EPS of $3.29 versus the $3.18 consensus, on revenue of $18.68 billion versus the $18.03 billion estimate. Bookings reached $22.17 billion. Accenture guided fiscal 2027 revenue growth of 3% to 6% in local currency and EPS of $14.39 to $14.81.

Economic data and sentiment indicators

Economic releases showed mixed signals. The ISM manufacturing PMI declined to 54.5 in September from 54.6 in August, missing market estimates of 55. Construction spending increased by 0.9% month-over-month to an annual rate of $2,203 billion in August, compared to a revised 0.1% decrease in July. U.S. jobless claims fell by 1,000 to 197,000 in the week ended September 26, below the estimated 200,000.

The CNN Business Fear & Greed Index, which measures market sentiment based on seven equal-weighted indicators ranging from 0 (maximum fear) to 100 (maximum greed), remained at 27. A reading below 50 indicates fear, exerting pressure on stock prices.

What the numbers show

A divergence between yield sensitivity and earnings strength defined Thursday's session. While the 10-year Treasury yield retreated from its multi-year high of 5.34% to 5.24%, it remained historically elevated. Despite this, Micron Technology rose 3% and Accenture jumped 16%, indicating that significant operational beats and robust forward guidance can override macro headwinds like high rates. However, the drop in the Fear & Greed Index to 27 suggests underlying anxiety persists, with most sectors closing lower despite the index-level gains driven by these specific tech heavyweights.