Stock futures moved lower to kick off a new month after the release of the March jobs report, a read that could sway the Federal Reserve' decision-making on interest rates.
S&P 500 futures fell 0.48% on Friday, the first day of April and the first day of second quarter. Dow Jones Industrial Average futures slid 0.43%, and Nasdaq futures were down 0.46%.
The U.S. economy added 215,000 jobs to nonfarm payrolls in March, according to the Labor Department. Economists anticipated 210,000 jobs to have been added last month. February's job gain was raised to 245,000 from 242,000. The unemployment rate ticked up to 5%, its highest since May 2015. Wages rose 2.3% in the past 12 months, while average hourly wages climbed 0.3% to $25.43. The average workweek was flat at 34.4 hours.
"As always, the members of the Federal Reserve's policymaking arm, the Federal Open Market Committee, will be watching the report closely, especially the wage readings, as it deliberates on when to raise rates again," John Canally, chief economic strategist for LPL Financial, said in a note.
Stocks closed out March with their best monthly performance since October thanks to dovish Fed comments and a stabilization in oil prices. Wall Street managed to recover from its worst start to a year since 2009. March's solid performance helped to push the S&P 500 and Dow into the green for the year overall.
Starwood Hotels (HOT) fell 4% in premarket trading after Chinese firm Anbang walked away from its $14 billion proposed takeover. Anbang had submitted an opposing and superior bid to Marriott's (MAR) original offer. Marriott and Starwood will hold an investor call Friday morning.
Tesla (TSLA) jumped 6% after receiving a positive response to the unveiling of its Model 3 vehicle overnight at its Los Angeles design studio. The vehicle does not go on sale until late 2017, but has already received more than 115,000 reservations. The electronic car is priced at $35,000, more affordable and mass-market friendly than its previous models.
BlackBerry (BBRY) shares were on watch after the smartphone company reported an adjusted quarterly loss of 3 cents a share, far narrower than an expected loss of 13 cents. The company expects software and services growth of about 30% in fiscal 2017. The company has diversified to specialize in enterprise software so as not to directly compete with Apple (AAPL) products in the smartphone game.
Apple is a holding in Jim Cramer's Action Alerts PLUS portfolio.
Exclusive Look Inside:
You see Jim Cramer on TV. Now, see where he invests his money and why Apple is a core holding of his multi-million dollar portfolio.
Want to be alerted before Jim Cramer buys or sells AAPL? Learn more now.