Dow Jones Industrial Average Futures Tumble on Payrolls Miss

Dow Jones Industrial Average (DJIA) futures are down triple digits, as traders digest the nonfarm payrolls report that just hit the Street -- and consider the resulting rate-hike implications. According to the report, the U.S. created 142,000 jobs last month -- falling short of the anticipated 203,000 -- while the unemployment rate held steady at 5.1%. Traders are also gearing up for an impressive lineup of central bank officials speaking at the Boston Fed's monetary policy conference, including Fed Vice Chair Stanley Fischer. Today's expected losses on the Dow, following its bumpy October debut, have the benchmark on track for a third straight weekly loss.

Continue reading for more on today's market, including:

 

• The catalysts that sent this coal stock to a 14% loss and these 2 drugmakers to huge wins.
• Will Fitbit Inc (NYSE:FIT) muscle back atop $40 by tonight's close? These eleventh-hour bulls think so.
• Schaeffer's contributor Adam Warner explains why we shouldn't blame volatility for the market's downtrend.
• Plus … 5 things you need to know this morning -- including stocks making waves and what's happening overseas.

And now, on to the numbers…

Futures on the Dow Jones Industrial Average (DJIA) are 106 points below fair value.

5 Things You Need to Know Today

 

1. Hong Kong took the lead today in an otherwise-shaky session for Asian markets.
2. The Chicago Board Options Exchange (CBOE) saw 600,173 call contracts traded on Thursday, compared to 437,216 put contracts. The resultant single-session equity put/call ratio rose to 0.73, while the 21-day moving average held at 0.78. 
3. Micron Technology, Inc. (NASDAQ:MU) reported quarterly earnings and revenue that exceeded expectations. As such, the stock is pointed 4.5% higher ahead of the open -- a much smaller move than the options market was pricing in. The brokerage bunch isn't impressed, either, with no fewer than 10 analysts lowering their price targets on MU this morning.
4. Advanced Micro Devices, Inc. (NASDAQ:AMD) announced last night it is adopting a restructuring plan that will include cutting 500 positions, or roughly 5% of its workforce, citing weak sales and intense competition. The stock is up 0.5% in electronic trading, attempting to build off its solid start to October.
5. Just two days after plunging to a record low on weak guidance, Barracuda Networks Inc (NYSE:CUDA) declared a $50 million stock repurchase program that will run through September 2017.

Earnings and Economic Data

 

In addition to today's headline payrolls report, factory orders for August will also hit the Street. There are no earnings of note. Elsewhere, Boston Fed President Eric Rosengren will open his bank's macroprudential monetary policy conference this morning. Minneapolis Fed President Narayana Kocherlakota, Cleveland Fed President Loretta Mester, and Fed Vice Chair Stanley Fischer are also slated to speak at the conference. Finally, St. Louis Fed President James Bullard will deliver a speech to the Shadow Open Market Committee in New York. To see what is coming up on next week's docket, click here.