Stock Futures Mixed After Jobs Report
NEW YORK (TheStreet) -- Stock futures were trading mixed after Friday's nonfarm payrolls report from the Labor Department.
Futures for the Dow Jones Industrial Average were up 6 points, or 2.6 points below fair value, at 13,149. Futures for the S&P 500 were up 1.1 points, or 0.8 points below fair value, at 1387, and futures for the Nasdaq were up 2.8 points, or 6.4 points below fair value, at 2695.
The Labor Department reported a disappointing nonfarm payrolls number for April. Nonfarm payroll employment rose by 115,000 in April, falling short of the 170,000 jobs economists polled by Thomson Reuters were expecting. However, the March figure was upwardly revised to 154,000.
Also, the unemployment rate fell slightly. Economists expected it to remain at 8.2%, but it came in at 8.1%.
In April, average hourly earnings for all employees on private nonfarm payrolls rose by 1 cent to $23.38, the Labor Department said. Over the past year, average hourly earnings have increased by 1.8%.
Data showing a steep decline in European business activity and key elections in France and Greece was also causing some nervousness on Friday.
In Europe, the reading for the Markit Eurozone Composite Purchasing Managers Index came in at 46.7 for April, down from 49.1 in March. It was the fastest rate of decline since last October and one of the steepest contractions since mid-2009. The headline index also came in well below its earlier flash estimate of 47.4.
"Deeper downturns in output were signaled in both the manufacturing and service sectors, as the rates of contraction accelerated in both cases," Markit said in a press release. "Both sectors were hit by marked declines in new business. Manufacturers were also hurt by lower levels of new export orders, with trade between Eurozone nations especially weak."