Global financial markets opened Friday on edge as investors balanced rising geopolitical tensions, volatile energy prices and anticipation ahead of a closely watched US employment report.
US stock futures were little changed to slightly lower early Friday as traders waited for the February nonfarm payrolls release, which is expected to offer the latest read on the strength of the labor market. The report is forecast to show roughly 59,000 new jobs added and an unemployment rate holding near 4.3%, according to economists surveyed by Reuters.
The data could influence expectations for Federal Reserve policy at a time when inflation risks are again creeping into market discussions.
Meanwhile, the escalating conflict in the Middle East has become a dominant driver of market sentiment with the ongoing US–Israel military campaign against Iran disrupting shipping through the Strait of Hormuz, sending oil prices sharply higher and raising concerns about global supply chains.
Higher energy costs have heightened worries that inflation could remain stubborn, potentially forcing central banks to keep interest rates elevated for longer. The surge in crude has been one of the biggest weekly gains since Russia’s invasion of Ukraine in 2022.
Across regions, equity markets have been mixed but fragile. Asian stocks slid on Friday and were on track for their steepest weekly loss in six years, reflecting investor anxiety over the economic fallout from the conflict and energy price spikes. European shares managed modest gains in early trading as oil prices eased slightly from recent highs, though volatility remains elevated.
On Wall Street, futures tied to the major indexes hovered around flat levels early Friday as investors awaited the labor market data. Precious metals ticked higher and oil edged up, underscoring the cautious tone ahead of the report.
Bond markets have also reflected the uncertainty, with yields rising amid fears that energy-driven inflation could complicate the Federal Reserve’s policy outlook.
The combination of geopolitical turmoil, surging oil prices and a pivotal economic report has left investors reluctant to take large positions heading into the final trading session of the week.
The February jobs report, due later Friday morning, could provide the next catalyst for markets already navigating one of the most volatile weeks of the year.
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