U.S. Stock Futures Tumble Amid Robust Job Data

U.S. stock index futures dropped on Friday after stronger-than-expected Nonfarm Payrolls data indicated a robust labor market, reducing the likelihood of Federal Reserve interest-rate cuts in September. The Labor Department reported a rise of 272,000 jobs in May, against an expectation of 185,000. Average hourly earnings grew 0.4% monthly, while the unemployment rate rose to 4%.

U.S. stock index futures fell on Friday after stronger-than-expected Nonfarm Payrolls data signaled that the labor market remains robust, dimming hopes of interest-rate cuts from the Federal Reserve in September. The Labor Department's report showed Nonfarm Payrolls rose by 272,000 jobs in May, against expectations of an increase of 185,000.

Average hourly earnings rose 0.4% on a monthly basis, compared to an expectation of 0.3% growth. The unemployment rate rose to 4% versus a forecast of 3.9%.

At 8:32

a.m. ET, Dow e-minis were down 149 points, or 0.38%

, S&P 500 e-minis were down 16.75 points, or 0.31%

, and Nasdaq 100 e-minis were down 35 points, or 0.18%

.