US STOCKS-S&P 500, Dow futures muted ahead of jobs data; chips, software stocks rise

US stock futures were relatively stable ahead of a key jobs report, while tech shares rose on strong forecasts from Microchip Technology, Atlassian, and Cloudflare.

S&P 500 and Dow futures were little changed ‌on ​Friday ahead of a key U.S. jobs report that could influence the interest-rate outlook, while Nasdaq futures rose as Microchip Technology and Atlassian's strong forecasts lifted chip and software shares.

Wall Street's main indexes were headed for strong weekly gains, with ‌the S&P 500 and the Dow set for their best week since April and the Nasdaq on track for its strongest weekly advance since May. Stronger-than-expected results from AI-related companies this reporting season have propelled the Dow and the S&P 500 to fresh record highs, while helping the Nasdaq recover from a pullback that had briefly pushed it nearly 10% ‌below its previous peak.

On Friday, collaboration software maker Atlassian jumped 28.5% in premarket trading and chip company Microchip Tech advanced 8.5% after both forecast quarterly revenue above estimates. Cybersecurity ‌company Cloudflare gained 15.6% after raising its full-year revenue forecast above estimates. The reports also lifted the broader sectors, with chip stocks Marvell and Micron up 3.6% and 2%, respectively, while software stocks Palo Alto rose 3% and Service Now added 2.4%. In a move to support more domestic production, the White House imposed a series of price floors and a 15% tariff on products made from polysilicon, the raw ⁠material used ​in semiconductors and solar panels that is primarily ⁠produced by China. At 05:15 a.m. ET, Dow E-minis were down 20 points, or 0.04%, and S&P 500 E-minis were up 12.75 points, or 0.16%. Nasdaq 100 E-minis were up 158.5 points, or 0.54%.

EYES ON JOBS ⁠DATA The Labor Department will release the non-farm payrolls figures for July at 8:30 a.m. ET and the economy is expected to have added 80,000 jobs, up from the 57,000 the month ​before. The unemployment rate and average annual earnings are expected to stay steady from the month before at 4.2% and 3.5%, respectively. The Federal Reserve under new ⁠Chairman Kevin Warsh has offered investors little information on forward guidance regarding monetary policy, sharpening the focus on economic data and remarks from policymakers.

Probabilities for no change versus a rate hike in September are now closer ⁠to ​even, the CME FedWatch Tool showed. Last week, traders were pricing in a 37% chance for rates staying unchanged versus 63% for a rate increase. Short-term Treasury yields, a reflection of short-term interest rate expectations, hovered above 4% as crude prices inched up above $83 a barrel, adding to inflation concerns. Tensions flared up again after Yemen's Iran-aligned ⁠Houthis attacked Saudi Arabia, while a report said Iran is reviewing a preliminary bill that would bar U.S., Israeli and other "hostile" vessels from transiting the Strait of ⁠Hormuz and would impose fines of up ⁠to 20% of a ship's cargo value for violations of the proposed restrictions. Vacation rental company Airbnb gained 8.8% after beating second-quarter revenue estimates, helped by strong global demand for travel and a boost from first-time users during the FIFA World Cup.

Solar stocks ‌First Solar gained 8.7% and ‌SolarEdge climbed 1.8% after Trump's polysilicon trade actions to compete with China.