Stock Futures Surge After Strong Jobs Report

The unemployment rate is at its lowest in 18 years

Managing Editor
Jun 1, 2018 at 9:19 AM
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Dow Jones Industrial Average (DJI) futures are signaling a triple-digit jump at the start, after the Labor Department's nonfarm payrolls report showed the U.S. added a stronger-than-expected 223,000 jobs in May. The unemployment rate fell to 3.8%, the lowest in 18 years, while wage growth edged up a quicker-than-expected 0.3% month-over-month, bringing the year-over-year gain to 2.7%. Today's jobs data is overshadowing revamped trade war fears -- which sent stocks spiraling yesterday, and have put the Dow on track for a weekly loss. 

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

  • The FDA news that sent these 2 biotech stocks reeling.
  • This healthcare name just doubled subscribers' money.
  • Options bears piled on as Deutsche Bank plunged.
  • Plus, Lululemon's big earnings beat; Newell Brands CFO retires; and World Cup buzz boosts Twitter stock.

Stock Futures Chart June 1

5 Things You Need to Know Today

  1. The Chicago Board Options Exchange (CBOE) saw 918,325 call contracts traded on Thursday, compared to 578,640 put contracts. The single-session equity put/call ratio rose to 0.63, while the 21-day moving average remained at 0.60.
  2. Lululemon Athletica inc. (NASDAQ:LULU) stock is up 7.3% in electronic trading, after the yoga apparel maker reported first-quarter earnings and revenue above analyst expectations, and raised its full-year guidance. In response, a flurry of price-target hikes were issued, including one to $150 from $100 at Barclays. LULU stock reached a record high of $107.68 on Tuesday, and has been ushered higher by its 20-day moving average since a late-March bull gap. 
  3. Newell Brands Inc (NYSE:NWL) stock is up 0.9% ahead of the bell, after Chief Financial Officer Ralph Nicoletti announced he would be retiring at the end of 2018.  On the charts, Newell stock sunk to a five-year low of $23.41 yesterday, before closing at $23.58, and has shed nearly 24% in 2018. 
  4. Shares of Twitter Inc (NYSE:TWTR) are up 1.2% in electronic trading, after MKM Partners issued a price-target hike to $43 from $40, citing boosted revenue from the upcoming World Cup in Russia. Twitter stock has been in a channel of higher lows since early April, and is currently riding a six-day winning streak. More broadly, the equity has nearly doubled in the past year.
  5. Today, traders will digest motor vehicle sales, construction spending, and the Institute for Supply Management's (ISM) manufacturing survey, while jobs data continues to roll in next week.

stock market news june 1

European Stocks Higher Amid Italy, Spain Developments

Asian markets ended mixed today, as traders continued to eye global trade tensions. Global benchmark MSCI added roughly 230 Chinese stocks to a variety of its indexes, though China's Shanghai Composite finished 0.7% lower. Japan's Nikkei saw a 0.1% loss, Hong Kong's Hang Seng managed a 0.1% gain, and South Korea's Kospi picked up 0.7%.

Stocks in Europe are higher at midday, as investors applaud Italy President Sergio Mattarella's approval of a new coalition government. Strength in the banking sector is also pushing stocks higher, and traders are digesting Spanish lawmakers' vote to oust Prime Minister Mariano Rajoy.  London's FTSE 100 is up 0.7%, France's CAC 40 is 1.4% higher, and Germany's DAX is up 1%, at last check.


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