U.S stock futures traded lower ahead of the employment situation report and dropped further after its release.
The Labor Department reported that the economy shed 263,000 jobs in the month, more than the 200,000 expected losses but far less than the 741,000 peak seen in January. Payrolls have now dropped for 21 consecutive months. Separately, the unemployment rate rose to 9.8%, in line with expectations. The only other market data scheduled for today is a report on factory orders.
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