Stock Futures Are Mixed Following News That June Payrolls Increased Less Than Expected

United Asset Strategies |

U.S. stock futures are lower. Stock futures are mixed following the news that June payrolls increased less than expected. This development caused initially caused S&P futures to reverse early losses, but a move to the upside has not been sustained. The June jobs report indicates a slight easing in the labor market, with payrolls increasing by 209,000. The figure falls short of the market's expectations of 230,000 and also marks a softening from the prior month figure which was revised down to 306,000. Additionally, the unemployment rate declined from 3.7% to 3.6%, while the labor force participation rate remains unchanged at 62.6% and wage growth remains steady. Treasury yields are continuing a move higher on the week as the market assesses the implications of the new employment data on potential rate hikes by the Federal Reserve. In international markets, Asian markets closed lower for the second consecutive day, while European markets are mostly positive during afternoon trading. Regarding commodities, Crude Oil is on the rise, recovering from yesterday's downward pressure. Gold prices have risen, while the U.S. Dollar has weakened following the release of the jobs data.