US Futures Edge Higher After Friday’s Rally

US stock futures edged higher on Monday after the major averages notched their biggest one-day gain so far this year during Friday’s session, as a slowdown in wage growth and a surprise contraction in services activity in the US tempered expectations that the Federal Reserve will continue to hike rates aggressively. Futures contracts tied to the three major indexes were all up at least 0.1%. In regular trading on Friday, the Dow gained 2.13%, the S&P 500 jumped 2.28% and the Nasdaq Composite rallied 2.56%, with all three benchmarks finishing the week higher. Nonfarm payrolls came in slightly higher than expectations, though wages increased at a slower pace than anticipated. ISM data also showed that services sector activity declined at the steepest pace since April 2020. Investors now look ahead to the December inflation report on Thursday, followed by big bank earnings on Friday.

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