ADP Automatic Data Processing Inc

U.S. stock futures cut earlier gains on Friday after a closely watched employment reading from the Labor Department came in weaker than expected. The Friday jobs report showed that 138,000 jobs were created in May, compared with an average estimate of economists polled by MarketWatch for 185,000 jobs. Futures for the Dow Jones Industrial Average , which had risen by as many as 85 points, were only up 32 points, or 0.2% at 21,164, futures for the S&P 500 index were up 1.40, or less than 0.1%, while futures for the Nasdaq-100 showed a gain of 11 points, or 0.2%, at 5,833. One bight spot in the report, the unemployment rate fell to 4.3%. However, market participants had been expecting Friday's labor-market figures to help confirm continued strength in employment after a private-sector reading for May from the Automatic Data Processing Inc. (ADP) came in better-than-expected on Thursday, showing a gain of 253,000.

-Mark DeCambre

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(END) Dow Jones Newswires

June 02, 2017 08:59 ET (12:59 GMT)

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