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US stock futures recover from initial losses after jobs report

Friday, 7 Feb 2014 | 8:51 AM ET

U.S. stock-index futures turned higher, reversing course on losses that came in the immediate aftermath of the January jobs report, with fewer Americans finding work last month than estimated, but the unemployment rate fell.

"Mitigating some of these negatives is the unemployment rate ticked a bit lower and the labor participation rate ticked up. Both of those are good things," said Chris Gaffney, senior market strategist at EverBank.

The government reported the creation of 113,000 jobs in January versus expectations of 185,000. The jobless rate fell to 6.6 percent versus an expectation of 6.7 percent.

Market awaits Friday jobs report
Ed Lazear, Stanford University professor and Hover Institution Senior Fellow, discusses how Friday's jobs number will impact the market.

In China, data from HSBC late on Thursday showed service sector growth fell to a near two-and-a-half-year low in January, the latest indicator suggesting a slowdown.

On Thursday, both the Dow Jones Industrial Average and the S&P 500 posted their biggest one-day percentage gains of the year, after data showed weekly unemployment claims fell more than expected last week, suggesting an improving labor market.

Other data out on Friday include the Fed's consumer credit numbers for December, at 3 p.m.

Companies worth watching include Apple, after Wall Street Journal reported it had repurchased $14 billion worth of its own stock following disappointing results. Frankfurt-listed Apple shares traded 2.3 percent higher early on Friday.

(Read more: Apple buys back $14 billion stock since results)

—By CNBC's Katy Barnato

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DJIA
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S&P 500
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NASDAQ
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AAPL
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MCO
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CI
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