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Futures fall after dismal jobs report

Futures for the US stock index sunk after the government announced an unemployment rate of 9.2 percent in its June jobs report. Dow futures fell 104 points, S&P 500 futures lost 16.2 points, and Nasdaq futures sank 21.5 points.

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Traders work on the floor of the New York Stock Exchange July 7, 2011. US stock futures fell on Friday after the government released a disappointing jobs report.

Brendan McDermid / Reuters

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NEW YORK (Reuters) - U.S. stock index futures tumbled Friday after the U.S. economy added far fewer jobs than expected in June, confounding expectations for more signs of strength in the labor market.

S&P 500 futures sunk 16.2 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 104 points, and Nasdaq 100 futures fell 21.50 points.

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