Dow Jones Industrial Average Futures Plunge on Payrolls

SolarCity's Meltdown; Plus, The Stock That Hasn't "Yet Hit Bottom"

May 6, 2016 at 9:00 AM

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Dow Jones Industrial Average (DJIA) futures have slid well below fair value in electronic trading, after the Labor Department's highly anticipated nonfarm payrolls report fell short of estimates. Specifically, the U.S. added 160,000 jobs in April -- the fewest in seven months, and below expectations for 202,000 new jobs -- while unemployment remained at 5%. Also applying pressure to stocks is a fall in oil prices, with June-dated crude futures last seen 1.4% lower at $43.70 per barrel.

Continue reading for more on today's market, including:

Another massive meltdown for SolarCity Corp (NASDAQ:SCTY).
A post-earnings pop had options traders hankering after Oprah's favorite stock.
2 stocks that have caught David Einhorn's attention -- including one that hasn't "yet hit bottom."
Plus... Oil pounds global stocks, Facebook on trial, and 2 stocks set to move on earnings.

dow futures may 6

Futures on the Dow Jones Industrial Average (DJIA) are nearly 73 points below fair value.

5 Things You Need to Know Today

A drop in crude oil and potential bond defaults weighed on Chinese markets, but gold stocks are bouncing back in Europe.
The Chicago Board Options Exchange (CBOE) saw 708,177 call contracts traded on Thursday, compared to 566,734 put contracts. The resultant single-session equity put/call ratio held at 0.80, while the 21-day moving average edged up to 0.70.
A federal court in California turned down Facebook Inc's (NASDAQ:FB) motion to dismiss a lawsuit from users who alleged the social network "unlawfully" collected and stored their biometric data. This follows a recent lawsuit over FB's planned change to its share structure.
Yelp Inc (NYSE:YELP) is poised to soar 12.5% out of the gate, after the business review site posted a surprise quarterly profit and lifted its full-year guidance. This is sure to make at least one activist investor happy.
On the flip side, GoPro Inc (NASDAQ:GPRO) is getting ready to tank 7.6% out of the gate and into single-digit territory, after the wearable camera firm fell short of the Street's consensus earnings estimate and delayed its drone launch.

buzz stocks may 6

Earnings and Economic Data

There are no additional economic reports of note today. CIGNA (CI) and Gogo (GOGO) will report earnings. To see what is coming up on next week's schedule, click here.

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