Wall Street Volatile Ahead Of Jobs Report

Investors are focusing on this morning's May government jobs report, following one of the more volatile days for the market this year. The Dow erased a 116 point mid-session deficit to close Thursday 80 points higher, the biggest intraday comeback since last November. The U.S. dollar will also be under close scrutiny this morning, after the dollar index – which measures its strength against a basket of currencies – had its biggest one-day fall in nearly a year.

When the jobs report is released at 8:30 a.m. ET, economists are expecting non-farm payroll additions of 169,000 for May, with the unemployment rate remaining at 7.5 percent. They'll also be watching for revisions to the April non-farm number, originally reported as a gain of 165,000 jobs.

There are no earnings reports of note on today's corporate calendar.

Wal-Mart (WMT) will be a stock to watch, as the retail giant holds its annual shareholder meeting in Arkansas. Ahead of that gathering, company executives told reporters they were optimistic about a sales recovery in the second half of the year.

Gap (GPS) reported a seven percent increase in same-store sales for May, above the 4.1 percent predicted by analyst. Gap's results were helped by stronger performances at its Gap and Old Navy chains.

Quicksilver (ZQK) lost $0.12 per share for its second quarter, an unpleasant surprise for investors after analysts had predicted a profit of 40.04 per share. Revenue for the sports apparel retailer also missed estimates, as same-store sales dropped four percent during the quarter.

Cooper Companies (COO) reported fiscal second quarter profit of $1.50 per share, excluding certain items, twelve cents above estimates, though revenues were slightly shy of consensus. The maker of contact lenses and medical instruments did raise its earnings and revenue forecast for the year, on strengthening contact lens sales.

Thor Industries (THO) earned $0.97 per share for its third quarter, excluding certain items, nine cents above estimates. The maker of recreational vehicles is seeing a recovery in its sales for its Four Winds, Airstream, and Dutchman brands.

Monsanto (MON) announced a $2 billion stock buyback program, which will take place over a three year period. It will begin after the completion of an existing $1 billion buyback program.

AT&T (T) expects wireless subscriber additions of 500,000 for the second quarter, thanks to promotions and investments, but also predicts those moves will hurt its profit margins for the quarter. AT&T is not changing its full-year 2013 earnings guidance as a result, however.

TiVo (TIVO) and Google's (GOOG) Motorola Mobility unit have settled a patent infringement lawsuit that was scheduled to go to trial next week. The terms of the settlement have not been disclosed.

The U.S. Treasury's sale of 30 million General Motors (GM) shares has been priced at $34.41 per share, which raises just over $1 billion for the Treasury. This comes as GM rejoins the S&P 500 today.

Apple (AAPL), Google (GOOG), Facebook (FB), Microsoft (MSFT), and Yahoo (YHOO) are among the companies issuing statements saying they do not give the government direct access to their servers, as alleged in a Washington Post report saying the NSA and FBI are tapping directly into internet servers.