Stock Futures Dinged by Dismal Jobs Report

March's nonfarm payrolls report showed the first jobs decline since 2010

Patrick Martin
Apr 3, 2020 at 9:15 AM
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Dow Jones Industrial Average (DJI) futures are pointed lower by nearly triple digits this morning, as coronavirus cases top one million worldwide. Futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also deep in the red before the open, as investors unpack the Labor Department's nonfarm payrolls report, which dropped by 701,000 in March, the first jobs decline since 2010. Elsewhere, oil futures are in rally-mode again, with May-dated crude up 7.8% at $27.16 per barrel, at last check. 

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

  • Steer clear from this retail stock.
  • Disney stock shook off a downgrade yesterday.
  • Plus, Corona beer parent records blowout earnings; Abbot Labs bruised by bear note; and 3M hit with Presidential DPA.
Opening View Stock Futures April 1

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw 921,274 call contracts traded on Thursday, and 755,597 put contracts. The single-session equity put/call ratio slipped to 0.82, and the 21-day moving average stayed at 0.84.
  2. Constellation Brands Inc (NYSE:STZ) stock is down 0.9% ahead of the bell, after the beer company reported fiscal fourth-quarter earnings and revenue that topped analyst forecasts. Although the Corona beer parent was unable to offer guidance, its Q4 sales estimates also beat expectations. STZ was down 30% in 2020 going into today.
  3. Abbott Laboratories (NYSE:ABT) stock is down 1.1% before the open, after J.P. Morgan Securities trimmed its price target to $88 from $101. However, Leerink did note that large medical device manufacturers such as Abbott are well-positioned to win in the long term with the COVID-19 crisis. ABT is poised to reclaim with its 12-month breakeven level today.
  4. 3M Co (NYSE:MMM) is in hot water this morning, down 0.7% in electronic trading. President Trump invoked the Defense Protection Act against the consumer products company, forcing it to produce an increased number of N95 facemasks. MMM is down 21% in 2020, with resistance emerging at its 30-day moving average.
  5. Today ends the week with a flourish; there's the Markit services PMI, the unemployment rate for March, and the ISM non-manufacturing index all ready for release.

Buzz Chart April 3

European Stocks Unpack Latest Economic Data

Asian markets were mostly flat on Friday as investors continued to monitor the economic downfall caused by COVID-19 globally. The South Korean Kospi and the Nikkei in Japan both closed just above breakeven. Elsewhere in the region, China’s Shanghai Composite lost 0.6% after continually shrinking services sector was released for the country, while the Hong Kong's Hang Seng shed 0.2%. 

Stocks in Europe are a mixed bag midday after the euro zone’s headline IHS Markit composite purchasing manager’s index (PMI) dropped from 51.6 in February to a record low of 29.7 for March, missing estimates. London’s FTSE 100 and the French CAC 40 are off 0.7% and 0.4%, respectively, while the German DAX is up 0.4%. 


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