Futures Extend Early Gains on Upbeat Jobs Report

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Stock futures are back on the offensive and are extending their early, pre-market gains after the Labor Department reported that non-farm payrolls increased 217,000 in May, slightly better than estimates of +213,000. In addition, the jobless rate stayed at 6.3%, beating the consensus estimate for an increase to 6.4%.

Into the jobs report, futures were building on Thursday's record levels as market participants positioned ahead of what was expected to be a bullish report on May payrolls and positive overseas action. European markets were underpinned by market-friendly Swiss inflation data, but Asian markets closed slightly lower as a result of a decline in Japan's leading economic index.

In corporate news, Bank of America ( BAC ) is trading defensively ahead of the open on a report from the Wall Street Journal claiming the bank could pay a fine of $12 billion to settle mortgage probes by the Justice Department. Also, shares of Hertz ( HTZ ) are down nearly 10% after the car-rental company said Q1 results are expected to be below the consensus estimate of $0.09 per share on revenue of $2.53 billion.


-Dow Jones Industrial up 0.22%

-S&P 500 futures up 0.12%

-Nasdaq 100 futures up 0.21%

SENTIMENT

Nikkei down 0.01%

Hang Seng down 0.69%

Shanghai Composite down 0.54%

FTSE-100 up 0.36%

DAX-30 up 0.59%

PRE-MARKET SECTOR WATCH

(+) Large cap tech: higher

(+) Chip stocks: higher

(+) Software stocks: higher

(+) Hardware stocks: higher

(+) Internet stocks: higher

(+) Drug stocks: higher

(+) Financial stocks: higher

(+) Retail stocks: higher

(+) Industrial stocks: higher

(+) Airlines: higher

(+/-) Autos mixed

UPSIDE MOVERS:

(+) GWPH (7.48%) Reported a wider loss on lower sales.

(+) MY (9.43%) Jiangsu Mingyang Wind Power Technology unit has won approval to develop and operate a 300MW offshore wind power project

DOWNSIDE MOVERS:

(-) HTZ (-9.68%) Said Q1 results are likely to be below consensus estimates of $0.09/share

(-) RALY(-21.11%) Deutsche Bank downgrades to Hold, cut PT in half after Q2 results

(-) NVAX (-7.74%) 25 million share public offering priced at a discount to Thursday's close

(-) BAC (-0.06%) Could pay more than $12 billion to settle DOJ mortgage probe



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: BAC , HTZ

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