Stock futures fall after jobs report
US employers add a below consensus 80,000 jobs in June. The data points to a third straight month of sub 100,000 jobs growth. The unemployment rate holds steady at 8.2%.
Updated at 9:10 a.m. ET
Stock futures were pointing to a lower open after a disappointing government nonfarm payrolls report.
Futures for the Dow Jones Industrial Average ($INDU) were down by 67 points at 12,765. S&P 500 ($INX) futures were down by 9.2 points at 1,352. Futures for the Nasdaq ($COMPX) were falling by 15.5 points to 2,627.
The Labor Department reported that U.S. employers added 80,000 new workers to their payrolls in June, which was below the consensus estimate of 90,000 jobs created, according to a poll of economists by Reuters. The whisper number among traders was closer to 125,000.
The unemployment rate was 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 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.
Amazon.com (AMZN) is developing a smartphone to compete against Apple's (AAPL) iPhone and devices that run Google's (GOOG) Android operating system, Bloomberg reported, citing two people with knowledge of the matter.
Seagate Technology (STX) said it expects report fourth-quarter revenue of $4.5 billion, down from its previous estimate of about $5 billion.
The race to become Yahoo!'s (YHOO) next CEO appears to have come down to current interim CEO Ross Levinsohn and Hulu CEO Jason Kilar, according to Reuters.
Netflix (NFLX) shares got a lift Thursday from a Facebook blog post by CEO Reed Hastings that said the company's monthly viewing exceeded 1 billion hours for the first time ever in June.
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Meanwhile, as predicted, Romney is proving to be a terrible choice. With these economic numbers and with most people disagreeing with the SCOTUS ruling on Obamacare, the Repub nominee should easily be up 6-8-10 points in the polls. Hey you dumba$$ Repubs, are you paying attention? You'd think you would have learned your lesson by now and picked a candidate that could easily be contrasted with his opponent. Instead, you picked "Obama-light" - another wishy-washy progressive douchebag candidate fully endorsed and supported by the bunch of pu$$ies that make up the entrenched Repub establishment.
We'll get 4 more jobs reports between now and the election, including one on Friday, November 2, just 4 days before we vote.
Is there any doubt that someone from the White House has already been on the phone with Bernanke this morning, begging for QE3?
Some analysts believe that passage of obamatax guaranteed that small/medium sized business would not hire in the short term. Short term costs for HC benefits for new employees (with all the new mandates on pre-exist conditions, and children on plan til 26) have increased a lot. The law requires coverage, but, there is no exchange for the employers to dump their employees onto yet... The holding pattern is not good for business right now, coupled with the fact that elections could change everything in November.
Relax... One day's adverse economic news or events does not reflect or portend the outlook for the next 180 days nor should it influence making decisions on your portfolio. Today's news is far from being unprecedented. If you cannot accept these basic premises, then you shouldn't be in the market.
Make a few margaritas or singapore slings and read Fifty Shades of Gray. The market has its own trilogy.
<Dynegy files for bankruptcy protection> - how do you NOT make money selling energy? by sand bagging the corporation with excessive CEO and staff salaries! then, declare bankrupcy and it's all ok!
now, these guys have CEO status and can move to another job and do it all again!
the recession was a mess. the housing bubble put us into a tail spin. the circa 1989 one was a mess from easily 1989 to 1995. i'd expect this one to be a mess until at least 2016.
when it's over, it'll be more due to simply "time served" than anyone's particular policy.
>>>>>the today show(nbc) was blaming everything and everyone else for dismal jobs number; i had to get my laugh of the day and knew were to go!<<<<<
The debate in this election is about how we grow faster, and how we create more jobs, and how we pay down our debt. That’s the question facing the American voter.
(APPLAUSE)
And in this election, you have two very different visions to choose from.
AUDIENCE MEMBER: No we don’t!
(LAUGHTER)
My favorite part of the transcript so far...
A few Margaritas on a hot day like this don't sound all that bad .......?
Not sure about retail the way reports are coming out....Mixed.?
But the Fireworks sales went over the top last week, I think over a billion.?
After all retail sales, are going through their "summer doldrums."
People are out and about having fun...Must be? Look at the post' number on here..Still on VT.?
Usually on a big D&G day like this....We hit 350-400 comments...Even Charley is down.
A lot of recessions take 3-4 years to clear themselves out..No doubt, this is/was much different.?
I'm guessing/betting about 2 more years to right the boat...And do not want to see Republicans trying to take credit for it...Getting over...It's a cycle.
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