Stocks Hover Before Payrolls Report

Stocks are hovering before this morning’s big employment report.

S&P 500 futures are fractionally higher, while markets across the Atlantic are down slightly ahead of the number from the Labor Department at 8:30 a.m. ET. It’s expected to show the addition of 159,000 jobs last month, down from 165,000 in April. Economists forecast the unemployment rate will remain at 7.50 percent.

The S&P 500 bounced yesterday, ending the session up 0.85 percent after finding support below the key 1600 level and its 50-day moving average. It had slid from a peak of 1687 earlier in the month, so the big question now facing investors is whether the recent pullback is a buying opportunity or the start of a deeper correction.

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