U.S. Job Losses Boost Stock Futures Amid Rate Hike Doubts

U.S. stock index futures rose after July's unexpected job losses, shaking expectations of a September rate hike. The Labor Department reported a 23,000 drop in nonfarm payrolls, contrasting with economist forecasts of 80,000 additions. Unemployment fell to 4.1%, and average annual earnings rose 3.2%.

On Friday, U.S. stock index futures experienced an upward momentum following data unveiling unexpected job losses in July, casting doubt on a potential interest rate hike in September.

The Labor Department's report disclosed a surprising downturn, with nonfarm payrolls dropping by 23,000 for July. This was a stark contrast against the anticipated 80,000 job additions forecasted by economists surveyed by Reuters.

These developments were coupled with a slight decline in the unemployment rate to 4.1% from 4.2% in June and a year-on-year average earnings increase of 3.2%, below the expected 3.5%. At 9:33 a.m. ET, S&P 500 E-minis climbed by 26 points, or 0.34%, while Nasdaq 100 E-minis surged by 225.5 points, or 0.76%, and Dow E-minis increased by 97 points, or 0.18%.