Dow futures climb 300 points: 5 things to know before Wall Street opens

• September payrolls expected at 85,000-90,000 (down from 162,000 in August) with unemployment holding at 4.1%; a stronger reading could revive rate-hike expectations
• Nvidia and megacap tech stocks led pre-market gains of ~1% as lower yields support long-duration valuations and the AI trade remains dominant
• Nike plunged 10% after weak earnings showed a 4% revenue decline to $11.21 billion, Greater China weakness, and guidance calling for high-single-digit revenue decline in fiscal 2027

Market Summary: Dow Futures Climb on Easing Yields Ahead of Jobs Report

Key Market Movements

US stock futures rallied Friday morning, with Dow futures up 0.58%, S&P 500 futures gaining 0.50%, and Nasdaq 100 futures advancing 0.72%. The rally was driven by easing Treasury yields and declining oil prices ahead of the critical September jobs report.

Treasury Yields and Commodities

The 10-year Treasury yield retreated to approximately 5.23% after hitting a 24-year high of 5.34%. The 30-year yield had climbed above 5.6% before pulling back. Brent crude fell below $100 per barrel following European discussions about releasing 50 million barrels of diesel and potential 50 million-barrel crude release by IEA members.

Employment Data Watch

Economists forecast September payroll growth of 85,000-90,000, significantly down from August's 162,000, with unemployment expected to hold at 4.1%. Market pricing shows 76% probability the Federal Reserve keeps rates unchanged in October, up from 29% a week earlier.

Company-Specific News

Nvidia and Tech: Megacap technology stocks led the rebound, with Nvidia, Alphabet, and Tesla each rising close to 1%. Lower yields particularly benefit long-duration tech valuations and support the ongoing AI trade.

Nike: Shares plunged 10% after disappointing earnings. Q1 revenue fell 4% to $11.21 billion, with weakness in Greater China. The company guided for high-single-digit revenue decline in fiscal 2027 and announced additional job cuts, raising concerns about turnaround progress under CEO Elliott Hill.

Moderna: Stock rose 2% pre-market after Nasdaq announced its addition to the Nasdaq-100 index on October 9, replacing Warner Bros. Discovery.

Crypto: Bitcoin gained 2%, with Coinbase and Strategy up nearly 3%, signaling broader risk appetite returning to markets.