S&P 500 and Nasdaq 100: Premarket Futures Slip as Traders Await Jobs and CPI Forecast

Author: James Hyerczyk

Published: February 9, 2026

Key Points

• Traders are closely monitoring S&P 500 and Nasdaq futures as they prepare for significant economic data releases this week.
• Tech stocks are under scrutiny following a recent rebound, with investors seeking signs of sustained strength in the sector.
• March E-mini S&P 500 futures are hovering around the 50-day moving average, a critical level for traders.

Market Overview

U.S. stock futures are experiencing a slight decline as traders brace for a series of economic reports and earnings announcements following a volatile trading period that concluded with a notable rebound. As of 11:39 GMT, S&P 500 futures were down 0.23%, Nasdaq 100 futures fell 0.45%, and Dow futures dipped 0.07%. This pullback comes after a strong relief rally that saw the Dow surpass the 50,000 mark, driven by renewed interest in previously undervalued tech stocks.

Bitcoin and Tech Sector Analysis

Bitcoin has shown resilience, recovering above $70,000 after a week of aggressive selling in high-growth sectors, particularly software. The tech sector's major ETF rose by 3.5% on Friday, breaking an eight-day losing streak. However, analysts caution that the recent bounce may only be a temporary reset, as the software sector remains in bear-market territory.

Upcoming Economic Reports

Attention is now focused on the delayed January jobs report, set to be released on Wednesday, with expectations of 55,000 new jobs. A disappointing figure could heighten concerns about cooling labor demand, while a stronger report may influence rate expectations if wage pressures persist. Additionally, the January consumer price index (CPI) is due on Friday, with a consensus forecast of a 2.5% annual increase. This data is crucial for assessing inflation trends and their impact on market sentiment.

Earnings Reports and Market Sentiment

This week’s corporate earnings, particularly from Coca-Cola and Ford Motor, could provide insights into consumer resilience and industrial demand, potentially influencing the ongoing rotation out of tech stocks.

Technical Analysis

The March E-mini S&P 500 Index futures are currently testing the 50-day moving average at 6934.55. A sustained move above this level would indicate market strength, while failure to hold could suggest ongoing selling pressure. Traders are advised to watch for a potential pullback if the index falls below 6892.50.

Short-Term Outlook

While the recent rebound has improved market sentiment, the near-term outlook remains cautious. The upcoming jobs and inflation data will be pivotal in determining market direction, with traders likely to adopt a wait-and-see approach until clearer signals emerge.

Conclusion

As the market prepares for critical economic data releases, traders are advised to remain vigilant and consider the implications of the jobs report and CPI on market dynamics, particularly in the tech sector.