US Stock Futures Lose Steam Following Jobs Data
US stock futures dipped today as May nonfarm payrolls rose less than anticipated and the Euro-zone debt problems threatened to engulf Hungary’s economy. While futures on Dow Jones Industrial Average slipped 198 points to 10060, those on Standard & Poor's 500 fell 23 points to 1080. Meanwhile, Nasdaq Composite futures lost 41 points to 1857.
Earlier in the day, the US Labor Department announced that the rate of addition of jobs in the US economy in May was the fastest in 10 years. The increase in jobs was driven by temporary hiring by the government for the 2010 Census. For the month of May, nonfarm payrolls rose by 431,000, as compared to an increase in April by 290,000. The increase, however, fell short of the expectations of a rise of 515,000.
On the corporate front, some of the companies that will be in focus today are BP Plc (NYSE: BP) and Quiksilver (NYSE: ZQK). While BP fell 2.80% after the company made another effort to cap the massive oil spill in the Gulf of Mexico, ZQK jumped 7.99% in the pre-market trading session as its FQ2 profits rose on higher margins.
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