Wall Street On Edge As Jobs Data Come Calling

(RTTNews) - Trading in the U.S. index futures suggest that Wall Street stocks are set to open Friday's session on a tentative note, characteristic of a 'jobs Friday.' Expectations concerning non-farm payroll gains are upbeat and the jobless rate is also expected to slip back. However, the reaction to any trend can be two-pronged. A stronger number, though raising rate hike worries, could also serve to allay economic concerns.

The Asian markets closed mostly lower, with the Japanese market, which came back online after a 3-session break, ending modestly lower. European stocks are also lower. The domestic markets could also focus on the direction of movement of commodity prices.

As of 6:15 am ET, the Dow futures are down 23 points, the S&P 500 futures receding 3 points and the Nasdaq 100 futures are slipping 7 points.

U.S. stocks ended mixed on Wednesday amid volatility in the commodity space and apprehension ahead of Friday's non-farm payrolls report.

On the economic front, the Labor Department is scheduled to release its monthly non-farm payrolls report for April at 8:30 am ET. Economists expect payroll gains of 200,000 for the month, while the unemployment rate is expected to slip to 4.9 percent.

At 3 pm ET, the Federal Reserve is due to release its report on outstanding consumer credit for March. The consensus estimate calls for a $15.8 billion increase in outstanding consumer credit.

In major corporate news, News Corp. (NWS) reported above-consensus adjusted earnings per share, while its revenues trailed expectations.

Activision Blizzard (ATVI) reported better than expected first quarter results and issued upbeat second quarter guidance. However, the company's full year guidance is lukewarm. Dreamworks' (DWA) first quarter results topped estimates.

Fluor (FLR) reported above-consensus first quarter adjusted earnings per share but its revenues were shy of estimates. The company lowered its full year earnings per share guidance.

GoPro (GPRO) reported a wider than expected loss for its first quarter and its revenues despite plunging exceeded estimates. The company's full year revenue guidance is in line. SunPower (SPWR) reported a wider than expected loss for its first quarter, while revenues rose year-over-year. The company's full year revenues guidance is lackluster.

Yelp (YELP) reported a profit on an adjusted basis and its revenues exceeded estimate. The company's second quarter and full year guidance is positive.

Most Asian markets retreated, weighed down by the weak lead from Wall Street overnight, although the Australian and New Zealand markets bucked the downtrend with modest gains. The Indonesian and the South Korean markets were closed for public holidays.

The Japanese market, which opened after s 3-session break, ended the day modestly lower, as the yen strength weighed down. The Nikkei 225 average ended down 40.66 points or 0.25 percent at a fresh 2-week low of 16,107.

China's Shanghai Composite plunged 339.95 points or 1.66 percent before ending at 2,913 and Hong Kong's Hang Seng Index closed at a near 2-month low of 20,110, down 339.95 points or 1.66 percent.

However, Australia's All Ordinaries, which languished below the unchanged line for much of the session, moved decisively into positive territory in late trading. The index ended up 14.10 points or 0.26 percent at 5,359.

The results of service sector survey by Markit/Nikkei showed that service sector activity in Japan contracted for the first time in over a year in April. The service sector PMI fell 0.7 points to 49.3 in April. The composite PMI came in at 48.9, down from 49.9 in March, marking the lowest reading in 2 years.

A Bank of Japan data showed that monetary base in Japan jumped 26.8 percent year-over-year in April following a 28.5 percent climb in March.

European stocks opened lower and are seen languishing ahead of the monthly U.S. jobs data.

In major corporate news, Arcelor Mittal reported a narrower loss for the first quarter and was optimistic going forward.

On the economic front, U.K. new car registrations grew modestly in April, but marked the highest for the month since 2003, figures from the Society of Motor Manufacturers and Traders showed. New car registrations rose 2 percent year-over-year to 189,505 cars, the most in April since 2003, when 194,312 new vehicles were sold.

The German construction sector expanded at a slower pace in April, according to data released by Markit. The construction PMI fell to 53.4 from 53.8 in March.