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.

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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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