Market Happenings for Friday, June 01, 2012

Premarket, futures are down on a week Jobs report. Gainers this morning include SAI, SLE, NEM, FLS and AGN while losers include PHM, NBR, DOW, CF and ANR.

The Market

U.S. employers created 69,000 jobs in May, the fewest in a year, and the unemployment rate ticked up to 8.2 percent from 8.1 percent. Economists had forecast a gain of 158,000 jobs.

The Labor Department also said 49,000 fewer jobs were created in March and April than first expected.

The yield on the benchmark 10-year U.S. Treasury note plunged to 1.46 percent, the lowest on record, from 1.56 percent. That was an indication that investors were flocking to bonds for safety.

Earnings Reports

Earnings reports (sorted by mkt cap): GAME-Shanda Games (consensus $0.20), CHRS-Charming Shoppes (0.19).

Financial Calendar

0830 ET May non-farm payrolls expected +150,000, Apr +115,000. May private payrolls expected +160,000, Apr +130,000. May manufacturing payrolls expected +16,000, Apr +16,000. May average hourly earnings expected +0.2% m/m, Apr unch m/m and +1.8% y/y. May average weekly hours expected unch at 34.5 hours. May unemployment rate expected unch at 8.1%, Apr -0.1 to 8.1%.

0830 ET Apr personal income expected +0.3% m/m, Mar +0.4% m/m. Apr personal spending expected +0.3% m/m, Mar +0.3% m/m. Apr PCE deflator expected +0.1% m/m and +1.9% y/y, Mar +2.1% y/y. Apr core PCE deflator expected +0.2% m/m and +2.0% y/y, Mar +0.2% m/m and +2.0% y/y.

1000 ET Apr construction spending expected +0.4%, Mar +0.1%.

1000 ET May ISM manufacturing index expected -1.0 to 53.8, Apr +1.4 to 54.8. May ISM prices paid sub-index expected -4.5 to 56.5, Apr unch at 61.0.

1700 ET May U.S. total vehicle sales expected 11.46 mln, May 14.38 mln. May domestic vehicle sales expected 11.20 mln, Apr 11.12 mln.

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