Futures were pointing to a higher open for the market ahead of the release of the monthly jobs data as investors appeared to be positioning for a "not as bad as feared" report. However, what they got was much better than not as bad as feared as the economy was estimated to have added 2.5M jobs last month, in stark contrast to the consensus forecast for millions of job losses. President Trump took to Twitter first, then a podium at the White House, to share his view on the "really big jobs report."
ECONOMIC EVENTS: In U.S. data, nonfarm payrolls rose 2.5M in May, which was way better than Bloomberg's consensus forecast for a decline of 7.5M jobs. The reported unemployment rate of 13.3% in May was better then the consensus 19.0% forecast.
Meanwhile, the latest data from the Johns Hopkins Whiting School of Engineering shows there are now 6.68M confirmed cases of COVID-19, including 1.88M in the U.S., and 392,321 deaths due to the disease.
TOP NEWS: Shares of Slack Technologies (WORK) are 14% lower near noon after the company reported fiscal Q1 results last night. While "good," Mizuho analyst Gregg Moskowitz says they were "not nearly enough" given high expectations and the stock's valuation. The analyst, who maintains a Neutral rating on the shares, noted that net paid additions over the last month of the quarter slowed much more than was generally expected, and the company withdrew fiscal 2021 billings guidance due to COVID-19 uncertainty.
Meanwhile, Gap (GPS) shares are down 1% at midday after the retailer's report last night. Citi analyst Paul Lejuez noted Q1 was a weak quarter, as expected, with total sales down 43% due to store closings.
Elsewhere in retail, shares of GameStop (GME) are down 6% after the company said it projects Q1 revenue down 33%-35% from last year and that Daniel Kaufman resigned as Chief Transformation Officer, effective immediately.
IPO markets have begun to open back up, with five companies coming public today - Shift4 Payments (FOUR), Legend Biotech (LEGN), Dada Nexus (DADA), Applied Molecular Transport (AMTI) and Calliditas Therapeutics (CALT).
MAJOR MOVERS: Among the noteworthy gainers are a number of companies that have been hardest hit by the pandemic shutdowns and stand to benefit as the economy reopens, including airlines American (AAL) and United (UAL), cruise operators Carnival (CCL), Norwegian (NCLH) and Royal Caribbean (RCL) and mall owner Simon Property (SPG).
Conversely, the notable losers list includes a number of names that have been viewed as beneficiaries of the lockdowns and stay-at-home environment, such as Clorox (CLX), Campbell Soup (CPB) and Domino's Pizza (DPZ).
INDEXES: Near midday, the Dow was up 959.48, or 3.65%, to 27,241.30, the Nasdaq was up 206.84, or 2.15%, to 9,822.66, and the S&P 500 was up 90.60, or 2.91%, to 3,202.95.
