S&P futures vs fair value: -0.5. Nasdaq futures vs fair value: -1.0. :Futures versus fair value now suggesting a slightly lower open, as knee-jerk reaction to recent employment data spook an already nervous market and sends both stocks and bonds to pre-market lows. Nonfarm payrolls fell a less than expected 35K (consensus -150K) and the August gain was also revised upward by 42K, while average hourly earnings (+0.2%) and the unemployment rate (5.1%) matched expectations - all positive figures for the economy but still subject to interpretation amid ongoing Katrina uncertainty. The 10-yr note is now off 9 ticks to yield 4.42%.
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