us stock futures wobbled ahead of important nonfarm payroll data on friday and after a frantic day of selling on wall street driven by investor concerns over the federal reserve’s ability to get inflation under control on thursday the dow industrials djia slumped 106309 points or 31 ending at 3299797 its worst daily percentage drop since oct 28 2020 according to dow jones market data the sp 500 spx fell 15330 points or 36 to 414687 while the nasdaq composite comp tumbled 64716 points or 5 to 1231769 its worst daily percentage fall since june 11 2020 investors will turn their attention to jobs data with april nonfarm payrolls expected to show a gain of 400000 from a 431000 rise in the prior month according to a survey of economists from dow jones and the wall street journal “a print north of 500000 should provoke a faster tightening by the fed possible recession equals selling equities bonds gold cryptos dm developed markets and em emerging markets fx buy us dollars reaction” jeffrey halley senior market analyst at oanda told clients in a note “conversely a print under 300000 should see a sigh of relief less fed tightening rally buy equities bonds gold cryptos dm and em currencies and sell us dollars it’s that sort of market” said halley chris weston head of research at pepperstone said the inflationary component of payrolls average hourly earnings could be an even bigger market mover than the jobs numbers themselves “given the market’s concerns about inflation as discussed above should we get a reading above 55 and certainly into 6 then bond yields should rise the usd should rally hard and equities could face another torrid time” weston told clients in a note investors will also hear from new york fed president john williams and later in the day st louis fed president james bullard and fed gov chris waller in between consumer credit for march is ahead major indexes are set to end the week largely unchanged which belies volatile action seen in recent days stocks surged wednesday after asexpected federal reserve tightening and perceptions that the central bank may be less hawkish than perceived but those gains reversed and then some on thursday read why did the dow plunge more than 1000 points should i wait for stocks to sink lower here’s what some pros think some blamed thursday’s sharp drop in part on a divided decision by the bank of england to hike interest rates to the highest level since 2013 alongside a grim economic forecastwhich was accompanied by a grim economic forecast that rubs against the assertion by powell and other senior fed officials that they can achieve a socalled soft landing lowering inflation without bringing economic growth to a grinding halt “what’s dangerous about yesterday’s huge market slump is that there must be an element of doubting the ability of there to be an effective ‘fed put’ in this cycle following a 3040 year period where the central bank has almost always been able to come to the market’s rescue” said a team of deutsche bank strategists led by jim reid yields on 10 and 30year treasury bonds hovered at 2018 highs which they reached thursday as stocks plunged the 10year yield tmubmusd10y was slightly higher at 307 and the 30year yield tmubmusd30y was slightly lower at 315 the dollar dxy and gold gc00 were steady and oil prices cl00 were slightly higher