Key facts
- US stock futures extended gains after the June jobs report showed 57,000 jobs added, below the 110,000 expected.
- The unemployment rate remained at 4.2%, meeting expectations.
- The weaker jobs data tempered expectations for Federal Reserve interest rate hikes.
- The dollar dropped following the soft payrolls data.
- Gold prices gained more than 2%.
US stock futures extended gains on Thursday following a weaker-than-expected June employment report, which added 57,000 jobs, significantly below the 110,000 forecast. The data tempered expectations for Federal Reserve interest rate hikes, causing the dollar to drop and gold prices to gain more than 2%. The unemployment rate remained at 4.2%, meeting expectations. Major US stock indexes posted weekly gains, and Europe's STOXX index reached a record closing high. Semiconductor weakness weighed on the Nasdaq. Investors will also be looking for clues from the minutes of the latest Federal Reserve meeting, the first under new chair Kevin Warsh, for insights into policymakers' views on inflation and interest rates. A high-stakes NATO meeting and the unpredictable oil price will also keep markets busy. Volkswagen is considering shutting four German factories and cutting up to 100,000 jobs.