Stocks set to tumble after weak jobs report

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NEW YORK (CNNMoney) -- U.S. stocks were set to drop at the opening bell Friday, after the monthly jobs report showed employers added just 18,000 positions in June.

Dow Jones industrial average (INDU) and Nasdaq (COMP) futures were off 1.1%, while S&P 500 (SPX) futures fell 1.4% shortly after the report was released. Futures measure current index values against perceived future performance.

The Labor Department released its monthly jobs report at 8:30 a.m. ET, and its 18,000 figure was a major disappointment. A CNNMoney survey of 27 economists had forecast an addition of 120,000 jobs in June.

June's unemployment rate held at 9.2%, the same as the upwardly revised rate in May. Economists had forecast a small drop to 9%.

"The jobs number is the only thing on people's minds today, period," said Mark Luschini, chief investment strategist at Janney Montgomery Scott, before the report.

U.S. stocks rose Thursday as investors cheered two stronger-than-anticipated reports on the employment market.

Private sector employers added 157,000 positions in June and fewer people filed new claims for unemployment benefits. But Friday's disappointing report is the most watched and is more influential.

"Other recent data have at least stopped deteriorating, which at least stems the concerns that we're in a double dip," Luschini said. "But at the end of the day, what's going to make this recovery sustained is job creation."

Economy: May wholesale inventory figures are due shortly after the opening bell.

Late in the afternoon, the Federal Reserve will release its report on May consumer credit report.

Companies: Shares of JDS Uniphase (JDSU) fell 3.6% in premarket trade after Piper Jaffray lowered its price target on the stock to $21 from $25.

World markets: European stocks were mixed in afternoon trading. Britain's FTSE 100 ticked down by 0.6%, the DAX in Germany added 0.4% and France's CAC 40 was up 0.2%.

Asian markets finished the week with gains. The Shanghai Composite ticked up 0.1%, the Hang Seng in Hong Kong jumped 0.9% and Japan's Nikkei rose 0.7%.

Currencies and commodities: The dollar fell against the euro, the Japanese yen and the British pound.

Oil for August delivery slipped $1.79 to $96.88 a barrel.

Gold futures for August delivery fell $1.50 to $1,529.10 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury was flat, with the yield holding at 3.14%.