Stocks Weaken Further Ahead of Jobs Report
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Despite Thursday's 500 point drop in the Dow and global market sell-off, stock futures can't gain ground and are pointing to a lower open as markets wait for the non-farm payrolls report at 8:30AM ET.
Dow futures are down 57 and S&P 500 is down 3.75.
The consensus on non-farm payrolls is a gain of 85,000 jobs, however recent weak economic data suggest this number could be too optimistic. A jobs report in-line or slightly above would be considered positive as it would suggest the economy is not falling off a cliff. Also, in the market-backwards way of thinking, a bad number could be construed as good as it could force the Fed's hand with QE3.
Overseas, Japan's Nikkei 225 sold off 3.7 percent and in Europe the FTSE 100 is currently down 2.2%
Dow futures are down 57 and S&P 500 is down 3.75.
The consensus on non-farm payrolls is a gain of 85,000 jobs, however recent weak economic data suggest this number could be too optimistic. A jobs report in-line or slightly above would be considered positive as it would suggest the economy is not falling off a cliff. Also, in the market-backwards way of thinking, a bad number could be construed as good as it could force the Fed's hand with QE3.
Overseas, Japan's Nikkei 225 sold off 3.7 percent and in Europe the FTSE 100 is currently down 2.2%
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