U.S. stocks wavered in early trade on Friday after a government report showed that U.S. added fewer jobs than forecast for January, while the unemployment rate unexpectedly declined to its lowest level since April 2009
The S&P 500 Index declined 1.33 points, or 0.10 percent, to trade at 1,305.92 at 9:45 a.m. EDT. The Dow Jones Industrial Average declined 11.88 points, or 0.10 percent, to trade at 12,050.38. The Nasdaq Composite Index advanced 0.01 percent.
Expectations had gotten high after the ADP National Employment Report on Wednesday stated that the private sector added about 187,000 jobs in January. But nonfarm payrolls rose by 36,000 jobs in January compared to the revised gain of 121,000 for the previous month and against analysts’ estimation of 150,000 gain.
Meanwhile, unemployment rate in U.S. declined to 9 percent in January versus 9.4 percent recorded in the previous month and against analysts’ estimation of 9.6 percent.
On the corporate front, JDS Uniphase Corp. (NASDAQ:JDSU) shares surged 19.52 percent as the company swung to second-quarter net income of $23.6 million or $0.10 per share, compared with a loss of $19.5 million or $0.09 per share in the same quarter a year-ago. Revenue rose to $473.5 million from $342.9 million last year.
Coinstar, Inc. (NASDAQ:CSTR) shares declined 8.95 percent as the company forecasts first-quarter earnings from continuing operations of no more than $0.25 per share against analysts’ estimation of $0.57 per share.
Las Vegas Sands Corp. (NYSE:LVS) shares declined 5.91 percent as its fourth-quarter sales missed analyst estimates.
The euro fell 0.36 percent to 1.3585 against the dollar and the yen declined 0.09 percent against the greenback.
Crude oil futures advanced 1.02 percent to $91.46/barrel and gold futures declined 0.02 percent.
European stock markets are currently trading higher with FTSE100 up by 28.56 points, DAX30 up by 14.88 points and CAC 40 up by 12.62 points.