Stock futures were down near premarket lows Friday, following a disappointing April jobs report.
The Dow Jones industrials, S&P 500 and Nasdaq 1oo futures all dipped 0.4% below fair value.
Economic headlines on the stock market today opened with 160,000 new workers added by U.S. nonfarm employers in April, according to the Labor Department. That was a sharp step down from March’s revised 208,000 gain, originally reported as a 215,000 increase.
Economists had forecast 200,000 new hirings for April. The unemployment rate held steady at 5%, in line with expectations. Average hourly earnings rose 0.3%, above the downwardly revised 0.2% gain in March and in line with the consensus forecast.
The Federal Reserve reports March consumer credit numbers at 3 p.m.
Oil futures backed off more than 1%, erasing Thursday’s advance. West Texas Intermediate traded below $44 a barrel, down almost 5% for the week and tacking toward its first weekly decline in five weeks. Baker Hughes (BHI) reports its weekly rig count at 1 p.m.
Dow stocks traded lower almost across the board. Goldman Sachs (GS) and JPMorgan (JPM) led the declines, down more than 1% apiece. Goldman announced about 100 layoffs in its trading and sales division late Thursday.
Video game kingpin Activision Blizzard (ATVI) jumped 6% to lead the Nasdaq 100 and the S&P 500. The video game maker’s first-quarter earnings and revenue growth, and its Q2 guidance, stomped analyst expectations. Activision’s $5.9 billion acquisition of Candy Crush developer King Digital Entertainment was a key contributor to the beat. Shares ended Thursday 2% below the 35.70 buy point of a base the stock is forming.
Walgreens Boots Alliance (WBA) shed more than 2%, the worst premarket loss among S&P 500 stocks. The company announced late Thursday an offering of 15 million shares held by private equity firm Kohlberg Kravis Roberts (KKR).
Office and multifamily property REIT Douglas Emmett (DEI) showed a 30% surge in premarket trade. The cause was not immediately clear. Shares ended Thursday at a new high.
Drugmaker Endo International (ENDP) tumbled more than 30% after topping Q1 EPS and revenue expectations but announcing deep cuts to its full-year guidance. Among tech names, GoPro (GPRO) and FireEye (FEYE) were also taking hard post-earnings hits before the open.
Overseas, benchmarks in Europe were down in the 1% range near midday. Tokyo’s stock exchange reopened after a three-day holiday to post a 0.3% decline. China’s markets dropped hard, apparently on concerns over new regulations, as well as possible bond defaults. Hong Kong’s Hang Seng index ended down 1.7%, and the Shanghai composite took a 2.8% loss.