NEW YORK (TheStreet) -- Stock futures turned slightly lower on Friday as U.S. nonfarm payrolls figures for February blew past expectations but wages were weak.
S&P 500 futures fell 0.33%, Dow Jones Industrial Average futures declined 0.3%, and Nasdaq futures were down 0.12%.
The U.S. economy added 295,000 jobs last month compared to expectations of 235,000. Nonfarm payrolls for January were revised to 239,000 from 257,000. The unemployment rate in February ticked down 200 basis points to 5.5%, lower than a forecast 5.6%. However, average hourly earnings increased just 0.1%, half the expected increase.
"At face value this looks to be another solid print," said Eric Green, head of U.S. rates and economic research at TD Securities. "This reinforces our view that the [Federal Reserve] will tweak guidance (90% probability) or drop 'patient' altogether (65% probability) at the March meeting. That will bring June into play, though odds still low that is the timing of lift-off."
Apple (AAPL) - Get Report jumped 1.6% in premarket trading on news the company will replace AT&T (T) - Get Report on the Dow at market close March 18. The addition was prompted by Apple's stock split last June and Visa's (V) - Get Report stock split scheduled for March 19.
"As the largest corporation in the world and a leader in technology, Apple is the clear choice for the Dow Jones Industrial Average, the most recognized stock market measure," said David M. Blitzer, managing director at S&P Dow Jones Indices, in a statement.
Bank stocks were mixed, though Bank of America (BAC) - Get Report charged more than 2% higher, after the Federal Reserve cleared all 31 banks in its stress tests. The financial sector will be on watch next week as the Fed releases its CCAR results wherein it approves or disproves banks' capital return plans.
The U.S. trade deficit narrowed 8.4% in January to $41.8 billion, moving away from a two-year high hit in December. Economists had expected a narrower reading of $40.6 billion.
Germany's DAX was up 0.43% after industrial production increased at a better-than-expected rate of 0.6% in January with a mild winter giving a boost to construction. GDP growth for the eurozone region was increased to 0.9% for its fourth quarter, better than an initial estimate of 0.8%.
Life Time Fitness (LTM) - Get Report spiked more than 16% in premarket trading after the Wall Street Journal said the gym chain was in talks with private-equity firms to go private with bidding expected to close by the end of next week.
Staples (SPLS) was slightly lower in premarket trading as quarterly revenue slid nearly 4%, while sales in North America plummeted 6.9% on the back of store closures. International sales fell more than 11% as foreign exchange presented a challenge.