Stocks weaken after jobs report

@CNNMoneyInvest July 6, 2012: 9:00 AM ET
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NEW YORK (CNNMoney) -- U.S. stock markets were poised to open lower as the government's monthly jobs report came in lower than expected.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were down slightly after the report's release. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

The Labor Department reported 80,000 jobs were added in June, with the unemployment rate remaining at 8.2% -- indicative of how sluggish the U.S. economic recovery remains. Economists surveyed by CNNMoney had expected the unemployment rate to remain unchanged, but they had expected more jobs in June: 95,000 jobs total, including 99,000 jobs in the private sector and a loss of 4,000 government jobs.

After a string of weak monthly jobs numbers, Friday's report could fuel argument for increased intervention by the Federal Reserve. It will surely be picked apart on the presidential campaign trail, as Mitt Romney and Barack Obama battle over who would do a better job in creating American jobs.

Meanwhile, governments around the world have increasingly become dependent upon action by central banks as the global fiscal crisis continues.

International Monetary Fund director Christine Lagarde said debt problems have spilled over borders. In her speech on Friday in Japan, Lagarde said the IMF will revise down its next global forecast, due in 10 days.

"Over the past few months, the outlook has, regrettably, become more worrisome," she said.

U.S. stocks pared earlier losses and ended mixed Thursday, as investors grew hopeful that interest rate cuts from China and Europe, along with tepid U.S. economic data, could bring more meaningful central bank action.

World markets: European stocks were slightly lower in afternoon trading. Britain's FTSE 100 (UKX) slid 0.1%, the DAX (DAX) in Germany fell 0.4% and France's CAC 40 (CAC40) shed 0.4%.

Asian markets ended mixed. The Shanghai Composite (SHCOMP) rose 1%, while the Hang Seng (HSI) in Hong Kong ended barely in the red and Japan's Nikkei (N225) fell about 0.7%.

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

Oil for August delivery fell $1.56 to $85.66 a barrel.

Gold futures for August delivery dropped $12.90 to $1,596.50 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.58% from 1.60% late Thursday.  To top of page

Index Last Change % Change
Dow 16,805.41 127.51 0.76%
Nasdaq 4,483.72 30.92 0.69%
S&P 500 1,964.58 13.76 0.71%
Treasuries 2.27 -0.00 -0.09%
Data as of 5:14am ET
Company Price Change % Change
Ford Motor Co 13.78 -0.62 -4.31%
Microsoft Corp 46.13 1.11 2.47%
Apple Inc 105.22 0.39 0.37%
Bank of America Corp... 16.72 0.12 0.72%
Yahoo! Inc 43.50 0.90 2.11%
Data as of Oct 24
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.98%3.95%
15 yr fixed3.05%3.05%
5/1 ARM3.32%3.71%
30 yr refi4.05%4.03%
15 yr refi3.12%3.11%
Rate data provided
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