Stocks, Futures Steady as Traders Await Payrolls

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Asian stocks and U.S. equity futures stabilized Friday after Wall Street sagged amid robust U.S. economic data that stoked concerns about a pullback in central bank stimulus. Treasury yields and the dollar held gains. Shares pared losses in Japan and turned higher in China and Hong Kong. SP 500 and Nasdaq 100 futures were little changed after the gauges fell overnight but came off lows on signs President Joe Biden may be willing to compromise on corporate taxes. Strong U.S. jobs data and record servicesector growth underscored the recovery from the pandemic.

Chinas markets weathered Bidens order amending a ban on U.S. investment in Chinese companies. The order named 59 firms with ties to Chinas military or in the surveillance industry, including Huawei Technologies Co. Gold remained lower after coming under pressure as yields and the dollar pushed higher, while the rally in crude oil has stalled. Meme stocks including AMC Entertainment Holdings Inc. had another volatile U.S. session. Bitcoin dipped after a cryptic Elon Musk tweet hinting at a split with the token.

Global stocks are trading in tight ranges as traders weigh the economic recovery as well as risks from faster inflation. The monthly U.S. payrolls report Friday could be a source of volatility if the data deliver a surprise. St. Louis Fed President James Bullard said the labor market might be tighter than the current unemployment rate suggests.

Stocks

SP 500 futures were steady as of 1240 p.m. in Tokyo. The…

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