Stock futures inched higher in overnight trading Sunday after the major averages notched their first big rally of the new trading year.
Andrew Kelly | ReutersFutures tied to the Dow Jones Industrial Average gained 49 points, or 0.15%, while S&P 500 and Nasdaq 100 futures added 0.17% and 0.29%, respectively.
Nonfarm payrolls came in slightly higher than expectations, but wages increased at a slower pace than expected. That, and data showing a contraction in the services sector, heightened hopes that the central bank's rate hikes are accomplishing their goal. "We believe that the moderation in employment conditions will continue, as parts of today's report show, but we think there is still a stickiness to the labor demand in services, which will persist for a while," he said in a note Friday.
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