What to watch today: Stock futures are lower as Wall Street awaits May jobs report

Stock futures were down Friday morning, as Wall Street awaits the release of May's jobs report. On Thursday, all three major U.S. stock indexes posted strong gains, snapping two-day losing streaks and putting them in positive territory for the week. The Dow Jones Industrial Average advanced 435 points, or 1.3%, after being down more than 300 points at session lows. The S&P 500 added 1.8%, while the tech-heavy Nasdaq Composite outperformed, rising 2.7%. (CNBC)

Wall Street is closely anticipating May's jobs data, which the Labor Department is scheduled to release at 8:30 a.m. ET on Friday. The U.S. economy is expected to have added 328,000 jobs in May, according to economists polled by Dow Jones. That would represent a slowdown compared with April's nonfarm payrolls report, which showed 428,000 jobs added in the month.

However, some economists told CNBC ahead of May's data that they believe the labor market is still strong despite pockets of weakness in some parts of the economy. The unemployment rate is seen falling to 3.5% in May, down slightly from 3.6% in April, according to Dow Jones estimates. Wage increases are expected to come in at 5.2% year over year, compared with a 5.4% gain in April. (CNBC)

Shares of Tesla dropped nearly 3% in premarket trading Friday, as Reuters reported CEO Elon Musk wants to reduce head count at the electric vehicle maker. According to the report, Musk wrote in a brief email to Tesla executives that he has a "super bad feeling" about the economy and wants to cut jobs at the company by 10%. The email was sent Thursday and titled "pause all hiring worldwide," Reuters said. Earlier this week, Musk told Tesla employees they need to return to their respective offices at least 40 hours a week or leave the company instead. Tesla has faced Covid-related challenges in China recently, a key market for the EV company, prompting some Wall Street analysts to lower their vehicle delivery estimates. (CNBC)

OPEC and its oil-producing allies on Thursday reached a larger-than-expected production increase for July and August. The group, known as OPEC+, will raise output by 648,000 barrels per day in both July and August, as Russia's invasion of Ukraine continues to disrupt the world's energy markets. OPEC+ had initially intended to raise production by 432,000 barrels per day in those two months. Oil prices rose by more than 1% on Thursday, but were slightly lower Friday morning. U.S. benchmark West Texas Intermediate crude traded around $116.20 per barrel, down about 0.6%. International benchmark Brent crude was down about 0.5% at $117 per barrel. Crude prices have soared this year, as Western sanctions on Russian oil have exacerbated existing supply and demand imbalances.

Coinbase is extending its hiring freeze "for the foreseeable future" and will rescind some existing job offers, the cryptocurrency exchange said Thursday. "After assessing our business priorities, current headcount, and open roles, we have decided to pause hiring for as long as this macro environment requires," an executive wrote in a blog post. Coinbase had been one of the highest-flying tech stocks last year after its public market debut, but its shares are down more than 70% year to date. Investors have rotated away from more speculative growth stocks toward defensive parts of the market. Coinbase also has been hit hard by the drop in cryptocurrency prices this year, leading to a slowdown in its own revenue growth.

Turning Point Therapeutics (TPTX) shares more than doubled in premarket trading after the biopharmaceutical company agreed to be acquired by Bristol Myers Squibb (BMY) for $76 per share in cash, or $4.1 billion. Turning Point specializes in cancer treatments.

Lululemon (LULU) shares are rising in premarket trading, after the athletic apparel and leisurewear maker reported a better than expected quarter and raised its full year forecast.  Lululemon beat estimates by 5 cents with quarterly profit of $1.48 per share, amid continued strong demand for premium sportswear.

RH (RH) is slipping in the premarket after the luxury home goods company issued a weaker than expected full year revenue outlook.  RH did report better than expected profit and sales for its latest quarter, and also announced a $2 billion expansion of its stock buyback program.

 CrowdStrike (CRWD) is losing ground in premarket action even though the cybersecurity company posted better than expected results for its latest quarter and issued an upbeat outlook.  CrowdStrike stock had surged 7.8% Thursday ahead of the earnings report. 

Kohl's (KSS) shares are rallying after the Wall Street Journal reported that the retailer received takeover bids from private equity firm Sycamore Partners and retail holding company Franchise Group.  Sycamore's bid is said to value Kohl's in the mid-$50s per share, while Franchise Group is offering about $60.  Kohl's had closed Thursday at $41.18.

Okta (OKTA) surged 15.6% in the premarket after the identity management software company reported better-than-expected results for its fiscal first quarter. Okta said it is not seeing any impact from the security breach of its systems in March, nor from macroeconomic conditions. The premarket surge in Okta shares follows a nearly 11% gain in Thursday's trading.