Stock Futures Slump as Payrolls Data Disappoints

The U.S. nonfarm payrolls report only added 142,000 jobs in August, below estimates

Patrick Martin

Managing Editor

Sep 6, 2024 at 9:04 AM

Stock futures are slightly lower before the open Friday, as Wall Street looks to end a rough week on a volatile note. Jobs data is in focus once again, after the U.S. nonfarm payrolls report showed only 142,000 jobs added in August, falling well short of the 162,000 estimate. The unemployment rate fell to an as-expected 4.2%.

In response, futures on the Dow Jones Industrial Average (DJIA) and Nasdaq-100 Index (NDX) are notably lower, while S&P 500 Index (SPX) futures are just below breakeven. Also weighing on investors this morning is a lackluster post-earnings reaction from semiconductor giant Broadcom (AVGO).

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

Oil & gas stock historically outperforms in September.
Unpacking the TopGolf Callaway spinoff.
Plus, a PATH forward; SMCI's huge price-target cut; and Samsara eyes new highs.

5 Things You Need to Know Today

The Cboe Options Exchange (CBOE) saw 1.11 million call contracts and 1.10 million put contracts exchanged on Thursday. The single-session equity put/call ratio rose to 0.98 and the 21-day moving average remained at 0.65.
UiPath Inc (NYSE:PATH) stock is up 8% in electronic trading, after the software company reported an earnings triple play, while also expanding its stock repurchase program. Despite the upbeat report, PATH is down 48.7% year-to-date heading into today.
Super Micro Computer Inc (NASDAQ:SMCI) stock is off by 2.5% before the bell, after the semiconductor server was downgraded by J.P. Morgan Securities to "neutral" from "overweight." The analyst in coverage also slashed its price targe to $500 from $950, citing compliance uncertainties. While SMCI is 46% higher in 2024, the shares have taken a 49% haircut this quarter alone.
The shares of Samsara Inc (NYSE:IOT) are up 5% ahead of the open, after the internet-of-things company reported earnings and revenue that exceeded analyst estimates. IOT is up 16% year-to-date heading into today, and is poised today to make another run at its Aug. 26 record high of $42.49.
Inflation data will define next week.

Buzz 0906

Asian Markets Uneasy as U.S. Labor Market Struggles

Stocks fell in Asia on Friday as investors awaited a key stateside jobs report and unpacked more economic data out of Japan, with household spending in the country rising 0.1% in July – much lower than the 1.2% gain economists anticipated. In response, Japan’s Nikkei lost 0.7%. Elsewhere, China’s Shanghai Composite fell 0.8%, while South Korea’s Kospi lost 1.2%. Markets were closed in Hong Kong due to Super Typhoon Yagi.

European markets are also lower ahead of economic data out of the U.S. Germany’s DAX is down 0.4% at last glance, while France’s CAC 40 and London’s FTSE 100 both are 0.2% lower.

Follow @Schaeffers

Two High-Octane Trade Ideas. One Simple Goal: Intraday Profits.

Dynamite Day Trading Signals delivers two same-day options trades every week — powered by proprietary intraday analysis and 43+ years of trading expertise.

But this isn’t just another stream of alerts.

It’s a structured plan with clear entry and exit points – designed for traders who want to act fast, trade smart, and wrap up gains before the closing bell.

No guesswork. No overnight exposure – Just two well-researched setups per week — whether you prefer buying premium or selling it.

And the results speak for themselves: subscribers have locked in +245.8% total profit over the last six months (since inception!).

👉 Start your one-month trial now for just $10, and be ready for the next trade alert.