Jobs Disappointment Sinks Dow Jones Industrial Average Futures

Dow Jones Industrial Average (DJIA) futures are well below fair value this morning, turning sharply lower after the much-anticipated nonfarm payrolls report dimmed expectations for a June rate hike from the Fed. Just 38,000 new jobs were added in May -- the smallest monthly gain in more than five years -- compared to the 155,000 expected by analysts. The report also showed unemployment falling to 4.7% -- the lowest since before the financial crisis -- but this move was largely a result of people leaving the workforce. Meanwhile, the new jobs created in March and April were downwardly revised by a combined 59,000. Lower crude futures are also weighing on stocks, with crude oil for July last spotted down 0.6% at $48.89 per barrel, following Thursday's OPEC decision.

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

• Sentiment is approaching an extreme for these 2 commodity stocks.
• The legal drama that set Oracle Corporation (NYSE:ORCL) options pits on fire.
• What brought a rare crop of options bears running to this retailer?
• Plus... Global markets eye jobs data, Twitter talks a deal with Yahoo!, and Apple goes dark.

Futures on the Dow Jones Industrial Average (DJIA) are nearly 47 point below fair value.

5 Things You Need to Know Today
 

1. Global stocks were mostly higher ahead of this morning's jobs report, with oil prices also in focus.
2. The Chicago Board Options Exchange (CBOE) saw 662,424 call contracts traded on Thursday, compared to 459,196 put contracts. The resultant single-session equity put/call ratio clmibed to 0.69, while the 21-day moving average sat put at 0.73.
3. GoPro Inc (NASDAQ:GPRO) supplier Ambarella Inc (NASDAQ:AMBA) reported first-quarter earnings well above expectations, sending the shares more than 10% higher in pre-market trading. And it looks like GPRO may be getting a boost on the news, set to pop 2.7% at the open.
4. According to a New York Post report, Twitter Inc (NYSE:TWTR) may have been in talks with Yahoo! Inc. (NASDAQ:YHOO) regarding a possible merger. The report stated the the talks ended without an agreement between the companies.
5. Apple Inc. (NASDAQ:AAPL) is seated slightly higher ahead of the bell, after restoring services that experienced outages on Thursday, including some functions of iCloud and the App Store.

Earnings and Economic Data

The closely watched nonfarm payrolls report will be followed by international trade data, factory orders, and the ISM non-manufacturing index. Chicago Fed President Charles Evans and Fed Governor Lael Brainard will also speak. There are no notable earnings releases on the schedule. To see what is coming up on next week's schedule, click here. 

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