Stock market futures mixed as tech weakness spreads ahead of May jobs report

U.S. stock market futures were mixed early Friday as investors awaited the May jobs report, with weakness in chip stocks continuing to weigh on technology shares. Nasdaq 100 futures fell 0.95% and S&P 500 futures dropped 0.42%, while Dow Jones futures rose 0.15%, according to trading data at 5:45 a.m. EDT on June 5.

The May employment report, scheduled for release at 8:30 a.m. ET, is expected to show just 80,000 jobs added during the month, according to economists surveyed by Dow Jones. That figure would mark a sharp decline from the average of 150,000 jobs added over the prior two months, including 115,000 in April.

Technology stocks remained under pressure following disappointing guidance from Broadcom on its artificial intelligence chip sales. The weakness extended across the chip sector, with stocks such as Micron Technology and Advanced Micro Devices also sliding. Broadcom’s forecast for AI-related chip sales disappointed investors who had bid up semiconductor stocks on expectations of strong demand from data center buildouts.

The stock market’s direction Friday will likely depend on the jobs report outcome. Wall Street economists expect the unemployment rate to hold steady at 4.3%, with some prominent voices suggesting the May number could come in at or below the 80,000 consensus estimate due to elevated layoff announcements and a slowdown in hiring. A weaker-than-expected report could reinforce expectations that the Federal Reserve will hold interest rates steady through mid-2026, with potential rate increases not expected until early 2027 if inflation remains elevated.

Sources

• CNBC — May jobs report expectations, economist forecasts, and labor market context
• TipRanks — Current futures levels and tech stock weakness from Broadcom earnings
• Investopedia — Dow Jones record close and chip stock declines on June 4
• Wall Street Journal — Broadcom guidance impact on chip sector