NEW YORK (TheStreet) -- U.S. stock futures were pointing lower Monday after weak jobs growth in the U.S. had investors fretting growth in the world's-largest economy was losing momentum.
European stocks were trading lower, while Asian stocks ended Monday on the downside.
Japan's Nikkei 225 index fell 1.4% o 8,896.88 while China's Shanghai Composite declined 2.4% to 2,170.81. Inflation figures for China released Monday showed the consumer price index at its lowest since January 2010, giving Beijing more room to continue adding stimulus.
U.S. stocks on Friday fell after a Labor Department report showed the U.S. economy produced fewer than 100,000 jobs for the third month in a row.The Dow Jones Industrial Average declined 124.20 points, or 0.96%, to 12,772, and closed down 0.84% for the week. The S&P 500 slipped 12.90 points, or 0.94%, to 1,355; it closed down 0.55% for the week. The Nasdaq slid 38.79 points, or 1.3%, to 2,937, and was flat for the week.
The economic calendar in the U.S. on Monday is light, with only May U.S. consumer credit numbers to be released at 3 p.m. EDT.
Details are emerging on how eurozone officials will set up a banking supervisor for the 17-nation currency bloc, according to a report. Discussions are centering on the idea of an agency under the European Central Bank that will be the sole overseer of the 25 or so biggest banks in the eurozone, according to a report from The Wall Street Journal. Smaller banks in the currency bloc would continue to be supervised by their national financial-market regulators, the report said. But the national regulators would be under the control of the eurozone banking supervisor.
Alcoa (AA) kicks off second-quarter earnings season after Monday's closing bell and analysts expect the aluminum giant to report profit of 5 cents a share on revenue of $5.83 billion.
Celgene (CELG) isn't buying Human Genome Sciences (HGSI), according to a source in contact with Celgene management, reported TheStreet's Adam Feuerstein. Late Friday, Reuters, citing its own unnamed source, reported that Celgene was one of two possible bidders for Human Genome Sciences, which is trying to fight off a hostile, $13-a-share offer from GlaxoSmithKline (GSK).
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV