Stock futures pare gains after jobs report shows weaker-than-expected 75,000 jobs in May
Stock-index futures on Friday trimmed gains after the jobs report showed that the U.S. created 75,000 jobs in May, much weaker than estimates and a reading likely to make the Federal Reserve consider reducing rates, according to market participants. Futures for the Dow Jones Industrial Average YMM19, +0.28% were up 4 points, or less than 0.1%, at 25,749 DJIA, +0.71% while those for the S&P 500 index ESM19, +0.37% advanced 1.
30 points, or less than 0.1%, at 2,847.25 SPX, +0.61% while Nasdaq-100 futures NQM19, +0.55% were 7.50 points higher at 7,292, rising 0.1%. The nonfarm payrolls report showed and increase in new jobs was way below the 185,000 MarketWatch forecast.The unemployment rate was flat at 3.6%. The average wage paid to American workers rose 6 cents to $27.83 an hour. Yet the 12-month rate of hourly wage gains slowed to 3.1% from 3.2%.
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