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Nonfarm payrolls rose 295,000 last
month, topping estimates for a gain of 240,000 jobs, after a
downwardly revised 239,000 gain in January. The unemployment rate
ticked down to 5.5 percent from 5.7 percent in January.
"People are trying to figure out whether the Fed is going to
increase rates, probably now on a June time frame versus the
September that was kind of the default the market had been looking
at before. So this much stronger-than-expected number could push
that date up," said Tracie McMillion, head of asset allocation at
Wells Fargo Investment Institute in Winston-Salem, North Carolina.
The data boded well for economic growth, she said.
"This is a surprise to markets, we were expecting potentially a
number below the expected number because of weather and other
factors, but to get a number this strong given the expected loss of
jobs in energy and the impact of weather is very positive for the
U.S. economy."
A separate report showed international trade for January narrowed to
a $41.8 billion deficit from a $46.6 billion gap in December, and
was roughly in line with the $41.7 billion estimate.
S&P 500 e-mini futures <ESc1> were down 5.5 points and fair value, a
formula that evaluates pricing by taking into account interest
rates, dividends and time to expiration on the contract, indicated a
lower open. Dow Jones industrial average e-mini futures <1YMc1> fell
45 points and Nasdaq 100 e-mini futures <NQc1> lost 2 points.
The S&P 500 is down 0.2 percent for the week. Moves for major Wall
Street indexes have been modest in either direction since March 2,
when the both the Dow and S&P hit records and the Nasdaq climbed
above 5,000 for the first time in 15 years.
Staples lost 2.2 percent to $16.14 in premarket after the office
supply retailer reported lower-than-expected fourth-quarter sales
and said sales in the current quarter would be lower than in the
same quarter last year.
Foot Locker gained 5 percent to $59.90 before the opening bell
after the athletic footwear and apparel retailer reported
fourth-quarter earnings.
All 31 U.S. banks passed a test of how they would do in another
possible economic crisis, the Federal Reserve said on Thursday, but
those with large trading books came out weak because of new elements
in the check-up. Bank of America shares rose 2.4 percent to $16.39
before the opening bell.
(Editing by Bernadette Baum)
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