Stock Futures Fall After Disappointing Jobs Report
NEW YORK (TheStreet) -- Stock futures were pointing to a lower open Friday after a disappointing U.S. nonfarm payrolls report.
Futures for the Dow Jones Industrial Average were falling 67 points, 62.67 below fair value, at 12,765. Futures for the S&P 500 were down 9.2 points, or 9.93 points below fair value, at 1352. Futures for the Nasdaq were slipping 15.5 points, or 14.87 points below fair value, at 2627.
The Labor Department reported that U.S. employers added 80,000 new workers to their payrolls in June, below the consensus estimate of 90,000 jobs, according to a poll of economists by Reuters. The whisper number among traders was closer to 125,000.
The unemployment rate remained unchanged at 8.2%.
Nonfarm payroll employment for April was downwardly revised to 68,000 from 77,000 and the figure was upwardly revised in May to 77,000 from 69,000.
In June, average hourly earnings for all employees on private nonfarm payrolls increased by 6 cents to $23.50.
The average workweek for all employees on private nonfarm payrolls edged up by 0.1 hours to 34.5 hours.
Private payrolls rose by 84,000.
U.S. stocks fell Thursday as a troubling outlook for Europe's economy and signs of a slowdown in the U.S. spread pessimism. Central bank actions, including interest rate cuts by the European Central Bank and the People's Bank of China, failed to quell the worries.
The FTSE in London was flat and the DAX in Germany was falling 0.32%. Hong Kong's Hang Seng Stock index finished flat on Thursday and the Nikkei in Japan finished lower by 0.65%.
August crude oil futures were down $1.47 to $85.75 a barrel. August gold futures were shedding $16.90 to $1,592.50 an ounce.
The benchmark 10-year Treasury was up 5/32, diluting the yield to 1.586%, while the dollar was trading sideways, according to the dollar index.