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%
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
(+) 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
(-) 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
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