A trader works on the floor of the New York Stock Exchange. <\/p>\n
NYSE<\/p>\n
S&P 500 futures were little changed early Friday as traders awaited the release of the July jobs report. <\/p>\n
S&P 500 futures<\/a> gained 0.1%, while Dow Jones Industrial Average futures<\/a> lost 116 points, or 0.2%. Nasdaq 100 futures<\/a> were flat. <\/p>\n In Asia, Japan’s\u00a0Nikkei 225<\/a>\u00a0fell 0.85% while the Topix rose 0.13%. The Kospi<\/a> declined 1.38%, while the small-cap Kosdaq dropped 2.56%. Australia’s benchmark S&P\/ASX 200<\/a> was flat. Hong Kong’s\u00a0Hang Seng index<\/a>\u00a0added 0.15% and mainland China’s CSI 300 advanced 0.83%. <\/p>\n In extended U.S. trading, Airbnb<\/a> shares rallied 9% after the vacation rental company posted a beat<\/a> on the top and bottom lines. Cloudflare<\/a> surged 16% after the cloud cybersecurity company issued a solid full year and current quarter outlook.<\/p>\n Wall Street is coming off a losing session, as an increase in oil prices weighed on equities. The Dow<\/a> fell more than 460 points, or 0.9%, breaking a five-day winning run. The S&P 500<\/a> slid 0.2%, while the Nasdaq Composite<\/a> dipped 0.1%. <\/p>\n In spite of the pullback, the market outlook has brightened on many parts of the Street. Investors are hopeful that a deal to reopen the Strait of Hormuz will eventually bring down oil prices and curb inflation expectations. <\/p>\n Tech has outperformed \u2014 with semiconductors rallying this week \u2014 after last month’s unwinding of the momentum trade convinced many the stock market got the reset it needed for the next leg higher. Strong earnings only add to the recent confidence. <\/p>\n “There’s going to be a chase,” Tom Lee, head of research at Fundstrat Global Advisors, told CNBC’s “Closing Bel<\/a>l” on Thursday. “I think that chase takes us towards 7,900, 8,000″<\/a> this month. <\/p>\n Investors turn their attention to the jobs report Friday. July’s nonfarm payrolls<\/a> aren’t expected to show much improvement, with a gain of just 83,000, and the unemployment rate staying unchanged at 4.2%. Traders will look to wage growth and participation in the labor force for clues on the job market.<\/p>\n