Stocks Rise Ahead of Jobs Data as Crude Oil Retreats – Europe Market Wrap

Stocks edged higher in subdued trading ahead of the key monthly US payrolls report, which traders will parse for clues to the Fed’s policy path.

S&P 500 futures rose 0.1%, with the index on track for its biggest weekly gain since April. Contracts on the Nasdaq 100 added 0.4%. Airbnb jumped 8.8% in premarket trading after boosting its annual revenue forecast on robust global travel demand.

Oil retreated from Thursday’s sharp rise as traders weighed negotiations between Iran and Oman over the Strait of Hormuz against renewed tensions, with Tehran seeking to bar US ships from a deal to partially restore shipping through the critical waterway. Brent fell 0.7% to below $82 a barrel, bringing its decline this week to 6.9%.

Treasury yields ticked lower, and the Dollar held gains after posting its biggest advance in two weeks during the New York session. Gold gained 1.9% to breach $4,300 an ounce.

Europe’s Stoxx 600 rose 0.6%, heading for a fourth straight weekly advance as strong earnings lifted the benchmark to a record. Novo Nordisk climbed 4.6% after a US judge threw out an antitrust lawsuit against its blockbuster weight-loss drug.

The Yen is heading into the end of the week having surrendered nearly half of its intervention-driven gains, little changed at about 158.35 per Dollar, having climbed to as high as 155.23 earlier in the week.