Wall Street to open lower in wake of weak jobs data

April 6, 2015 08:44 AM

U.S. stock index futures fell in low volume on Monday, putting Wall Street on track for a lower open on the first trading session since Friday's surprisingly weak jobs data.

* Labor Department data showed U.S. employers last month added the fewest jobs in more than a year. The rise of 126,000 jobs was well below economists' expectations for a gain of 245,000.

* The jobs data was released on Good Friday, when Wall Street was closed. Major European markets were closed from Friday through Monday for the Easter holiday, and were set to reopen Tuesday.

* The weak data eased some concerns that the U.S. dollar would continue to strengthen and further pressure earnings of companies with international exposure. It also pushed expectations of a rate hike from the Federal Reserve further down the road.

* However, investors are concerned that a patch of soft economic data, including jobs, factory activity and consumer spending, may point to more than a weather-related slowdown and could indicate a loss of momentum in the U.S. economy.

* Separate readings on the U.S. services sector, which accounts for roughly two-thirds of the country's economic activity, are due shortly after the opening bell. Markit's gauge is expected at 9:45 a.m. EDT (1345 GMT) while the Institute for Supply Management's is due 15 minutes later.

* U.S.-listed shares of Amsterdam-based Uniqure jumped 45 % in premarket trading after a deal with Bristol-Myers Squibb to develop gene therapies for cardiovascular diseases.

* Tesla Motors added 3.8% in premarket trading after it reported a 55% increase in deliveries in the first quarter.

* Qualcomm shares fell 2.4% after a teardown of the Galaxy S6 showed Samsung used more of its own chips in its new smartphone, in a blow to Qualcomm.

* Herbalife shares fell 6.2% after CNBC said U.S. law enforcement agencies contacted several top Herbalife members.

* 500.com fell 8.5% after it announced it will suspend online lottery sales in China.

Futures snapshot at 8:25 EDT (1225 GMT):

* S&P 500 e-minis were down 14.5 points, or 0.7 %, with 57,511 contracts changing hands.

* Nasdaq 100 e-minis were down 29.75 points, or 0.69%, in volume of 10,405 contracts.

* Dow e-minis were down 129 points, or 0.73%, with 11,472 contracts changing hands.


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