Stock Futures Climb Ahead of July Jobs Report

New York (Aug 5)  Stock futures moved slightly higher on Friday morning ahead of the release of the July jobs report. 

S&P 500 futures were up 0.2%, Dow Jones Industrial Average futures added 0.15%, and Nasdaq futures climbed 0.17%. 

Economists estimate that 185,000 jobs were added to the economy in July, according to Econoday. In June, 287,000 jobs were added in a blockbuster month. The unemployment rate is expected to fall to 4.8% from 4.9%.

The release likely won't seal the deal for a Federal Reserve rate hike in September, given how many more data points are still to be released, but it could add weight to either the "hike" or "leave" argument.

The July employment report will help shape investors' expectations with respect to the near-term outlook for interest rates," Deutsche Bank analysts wrote in a note. "The August employment report, released on September 2, is clearly of more significance. This will be the last employment release the Fed will see before it meets, and monetary policymakers have tended to put undue emphasize on the latest data in our view."

LinkedIn (LNKD) topped estimates in its recent quarter as it continued to boost its paid-for premium membership. The networking site's adjusted profit of $1.13 a share came in above forecasts of 78 cents a share. Revenue increased 31% to $932.7 million. Microsoft (MSFT) is paying $26.2 billion to acquire LinkedIn, the companies announced in June, a deal which should close this year.

Source: TheStreet