Stock index futures traded cautiously on Friday as investors await key jobs reports due a day after markets return from the July 4 holiday.

S&P 500 Index Futures (SPX) were flat, Nasdaq 100 futures (US100:IND) +0.1% and Dow futures (INDU) +0.1%.

The yield on the 10-year Treasury note (US10Y) fell 3 basis points to 4.35%. The yield on the 2-year Treasury note (US2Y) fell 3 basis points to 4.70%. See how Treasury yields have moved across the curve on Seeking Alpha’s bond page.

US markets were closed yesterday due to US Independence Day.

Traders also witnessed the end of 14 years of Conservative rule in the UK, with Labour winning the general election by a landslide and Keir Starmer becoming the novel prime minister.

“The main event to watch today is the US jobs report for June. This will be an especially interesting event because the June survey data we have received so far has been weaker than expected and both the ISM manufacturing and services sectors are in recession territory,” said Jim Reid of Deutsche Bank.

The nonfarm payroll report for June is expected to be released before the close of trading and will show a decline to 191,000. The unemployment rate is forecast to remain at 4%.

“The US employment report is likely to continue to send mixed signals about the US labour market. It is important to remember that more than half of the companies asked to provide payroll data did not provide any response. While fears about unemployment appear to be contained, the broader picture points to some cooling in the labour market,” said Paul Donovan of UBS.

“However, in recent months doubts have been raised about the quality of household surveys, so the fact that the number of unemployed people was rising was viewed with some suspicion,” Reid added.

The Federal Reserve’s balance sheet is also due to be released tonight.