Premarket, futures are up. The Dow looks set to add +118 at the open.

The Market

The Jobs Report showed we added 157,000 jobs last month, less than the 180,000 economists were expecting. The unemployment rate ticked up a bit to 7.9% from 7.8% in December. Economists were expecting the rate to head lower to 7.7%.

The government revised the December jobs number significantly higher, showing that the economy gained 196,000 jobs during the final month of the year. Up from the previous reading of just 155,000.

Exxon Mobil (XOM) reported better-than-expected earnings and revenue, sending shares higher. Earnings were $2.20 per share versus estimates for $2.00 per share.

Oil giant Chevron (CVX) reported earnings of $3.70 per share versus estimates for $3.06.

Merck (MRK) shares declined after the company topped earnings expectations but gave a cautious outlook for 2013. Merck reported earnings of $2.54 per share versus estimates for $0.81.

Earnings Reports

Earnings reports (estimates): XOM-Exxon Mobil ($2.00), CVX-Chevron (3.06), MRK-Merck (0.81), LYB-Lyondellbasell (1.14), NOV-National Oilwell Varco (1.44), BEN-Franklin Res (2.38), AON-AON (1.25), IR-Ingersoll Rand (0.70), MAT-Mattel (1.15), BEAM-Beam Inc (0.66), PRGO-Perrigo (1.31), TSN-Tyson Foods (0.42, NWL-Newell Rubbermaid ((0.42), RLGY-Realogy Holdings (-0.11), LEA-Lear (1.38), NS-Nustar Energy (0.38), BRO-Brown & Brown (0.27), LM-Legg Mason (0.53), CYMI-Cymer (0.04), UFS-Domtar (1.36), TDW-Tidewater (0.42).

Financial Calendar

0830 ET Jan non-farm payrolls expected +165,000, Dec +155,000. Jan private payrolls expected +169,000, Dec +168,000. Jan manufacturing payrolls expected +10,000, Dec +25,000. Jan unemployment rate expected unchanged at 7.8%, Dec unchanged at 7.8%.

0830 ET Jan avg hourly earnings expected +0.1% m/m and +2.1% y/y, Dec +0.3% m/m and +2.1% y/y, Jan avg weekly hours expected unch at 34.5 hours, Dec 34.5 hours.

0955 ET Final Jan University of Michigan consumer confidence expected +0.2 to 71.5, early-Jan -1.6 to 71.3.

1000 ET Dec construction spending expected +0.6%, Nov -0.3%.

1000 ET Jan ISM manufacturing index expected +0.4 to 50.6, Dec +0.3 to 50.2 (revised from 50.7). Jan prices-paid expected +0.5 to 56.0 from 55.5.

1700 ET Jan total vehicle sales expected 15.20 mln, Dec 15.30 mln. Jan domestic vehicle sales expected 11.97 mln, Dec 11.97 mln.