Stock Futures Sink Amid Highly Anticipated Jobs Data

The U.S. economy added 290,000 jobs in May

Deputy Editor
Jun 3, 2022 at 9:17 AM
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Yesterday's rally could be short-lived, as Dow Jones Industrial Average (DJIA) and Nasdaq-100 (NDX) futures are both down triple digits ahead of the bell, while futures on the S&P 500 Index (SPX) point lower as well. All eyes are on the U.S. jobs report for May, which showed nonfarm payrolls rising by 390,000 -- greater than the 328,000 expansion expected by analysts. In response, the 10-year Treasury note tacked on 4 basis points to 2.96%. Meanwhile, the unemployment rate stayed at 3.6%.

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

  • Checking in with this underperforming retail giant
  • Why SolarEdge stock surged yesterday. 
  • Plus, breaking down HPQ's post-earnings response; EV name discloses delivery data; and unpacking 1 blue chip's quarterly report.

Futures June3

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.2 million call contracts traded on Thursday, and 744,798 put contracts. The single-session equity put/call ratio fell to 0.62, and the 21-day moving average stayed at 0.62.
  2. Kohl's Corporation (NYSE:KSS) is up 6.1% in electronic trading, after news that the retailer received takeover bids from both Sycamore Partners and Franchise Group. Heading into today, the stock is down 16.6% year-to-date. 
  3. RH (NYSE:RH) is down 4.5% premarket, after the company's weak full-year revenue outlook. No fewer than three analysts slashed their price targets as well. On the charts, RH has been struggling with pressure at the $300 level as it attempts to rally from its end-of-May roughly two-year low. 
  4. Lululemon Athletica Inc (NASDAQ:LULU) reported better-than-expected first-quarter results after the close yesterday, and raised its full-year forecast. The stock received five price-target cuts and two price-target hikes in response, and LULU is currently up 0.7% before the open. 
  5. Today will bring the Markit composite PMI, the S&P Global U.S. services PMI, the ISM services index, and average hourly earnings.


Investors Eye Oil Updates Overseas

Asian markets settled higher on Friday, as investors eyed overnight gains in the U.S., as well as a decision from Organization of the Petroleum Exporting Countries and its allies (OPEC+) to increase output for July and August amid the Russia-Ukraine war. Japan’s Nikkei added 1.3%, while South Korea’s Kospi rose 0.4%. Elsewhere, China’s Shanghai Composite and Hong Kong’s Hang Seng were both closed for holiday.

European markets are struggling for direction, as worse-than-expected euro zone inflation and a partial ban of Russian oil imports weigh. At last check, France’s CAC 40 is slightly below breakeven with a 0.02% drop, while the German DAX is sporting a modest 0.07% gain. Meanwhile, London’s FTSE 100 is closed for the Queen’s Platinum Jubilee.


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