It was a cautious start to the trading day on Friday. U.S. stock futures were pointing lower, continuing the negative momentum from Thursday's close. The mood seemed to be a mix of pre-jobs report jitters and a watchful eye on the ongoing geopolitical situation.

The main event for the day is, of course, the February employment data. Forecasters are expecting the report to show a payroll increase of about 55,000 jobs. If that holds, it would represent a significant slowdown from the 130,000 jobs added in January. The unemployment rate, meanwhile, is expected to hold steady at 4.3%.

In the background, the bond market was relatively quiet. The 10-year Treasury yield was at 4.17%, with the two-year note at 3.61%. And according to the CME Group's FedWatch tool, the market is almost completely convinced—97.3% sure, to be exact—that the Federal Reserve will leave interest rates unchanged at its March meeting.

Here’s a quick look at how the major index futures were shaping up in premarket trading:

The popular ETFs that track the broader market were also in the red. The SPDR S&P 500 ETF Trust (SPY) was down 0.39% at $678.67, and the Invesco QQQ Trust ETF (QQQ), which follows the Nasdaq 100, declined 0.51% to $605.79.

Stocks on the Move

While the broader market was soft, there was plenty of individual stock action, mostly driven by earnings reports.

Costco Wholesale

First up, Costco Wholesale Corp. (COST). The stock fell 0.23% in premarket trading, which is a bit of a head-scratcher because the company actually reported better-than-expected financial results for its second quarter after the close on Thursday. Sometimes the market just wants more. According to market data, COST maintains a strong price trend across short, medium, and long timeframes, though it has a poor value ranking.

Marvell Technology

Here's a big winner. Shares of Marvell Technology Inc. (MRVL) jumped 11.92% after the company posted strong fourth-quarter results. Revenue came in at $2.22 billion, beating the consensus estimate of $2.21 billion. The market data indicates MRVL has a strong price trend and a moderate growth ranking.

Gap

On the other end of the spectrum, Gap Inc. (GAP) tumbled 7.06%. The retailer reported worse-than-expected fourth-quarter results. In an interesting twist, it also announced a new $1 billion share repurchase authorization. Sometimes a buyback isn't enough to soothe the pain of a miss. The stock's trend is strong in the long term but weak in the short and medium term, with a solid value score.

Oracle

Oracle Corp. (ORCL) was up 0.59%. The move came amid a Bloomberg report that the tech giant is planning thousands of job cuts, with the roles expected to shrink due to the integration of artificial intelligence. The stock maintains a weaker price trend across all timeframes and a weak value score, according to market data.

Ford Motor

Ford Motor Co. (F) managed a slight gain of 0.081% in premarket trading. This is notable because the company is recalling 1.74 million vehicles over a rearview camera defect. The stock shows a weak price trend in the short and medium term but a strong trend in the long term.

Looking Back at Thursday

To understand the context, let's rewind to Thursday's session. It wasn't a great day. Most S&P 500 sectors closed lower, led by consumer staples, materials, and industrials. The only sectors that managed to finish in the green were energy and information technology.

What the Analysts Are Saying

Amid the volatility, some strategists are urging a longer-term view. Senior Global Market Strategist Scott Wren is one of them. He anticipates a resilient U.S. economy and a broadening stock market throughout 2026.

Wren advises investors to "look through the headlines, and stick to a well thought out plan," even with recent volatility triggered by "unexpected events" in the Middle East. He expects market performance to continue expanding beyond the mega-cap tech names, pointing out that the S&P 500 Equal Weight Index recently hit record highs.

He's even revised his economic outlook upward. "We expect the U.S. economy to grow 2.9%, up from the initial 2.4% projection," Wren said. He believes this growth will drive a "fourth consecutive year of record earnings" for the S&P 500. To play this, he favors sectors like Financials, Industrials, and Utilities, which he says are positioned to benefit from a strengthening economy and the "continued buildout of artificial intelligence (AI) related infrastructure."

While he acknowledges that markets often have a "shoot first and ask questions later mentality" with geopolitical news, Wren remains focused on a "global economic recovery this year that is led by the United States."

What's on Tap for Friday

Beyond the jobs report, here's the rest of the economic calendar for the day:

• The February U.S. employment report, including the unemployment rate and hourly wages data, will be released by 8:30 a.m. ET.
• San Francisco Fed President Mary Daly will speak at 10:15 a.m., and Cleveland Fed President Beth Hammack will deliver remarks at 1:30 p.m. ET.

A Quick Tour of Other Markets

It wasn't just stocks on the move Friday morning.

Crude oil futures were trading significantly higher, up 3.76% to hover around $84.06 per barrel. Gold was also up, with the spot price rising 0.37% to about $5,099.92 per ounce. Its last record high was $5,595.46. The U.S. Dollar Index was 0.12% higher at the 98.8850 level.

In the crypto world, Bitcoin (BTC) was trading 2.77% lower at $70,567.62 per coin over the last 24 hours.

Global equity markets painted a mixed picture. In Asia, Australia's ASX 200 and India’s Nifty 50 fell, while China’s CSI 300, Japan's Nikkei 225, Hong Kong's Hang Seng, and South Korea's Kospi rose. European markets were also mostly lower in early trade.