LIVE MARKETS-S&P 500 e-minis down more than 1% as jobs data adds to week's worries

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S&P 500 E-MINIS DOWN MORE THAN 1% AS JOBS DATA ADDS TO WEEK'S WORRIES

U.S. stock index futures are lower early on Friday, extending declines after data showing the U.S. economy unexpectedly shed jobs in February and the unemployment rate increased.

The labor news adds to worries for investors already concerned about job cuts tied to artificial intelligence and also by the U.S.-Israeli war with Iran, now in its seventh day. Crude oil prices are sharply higher again on Friday.

Nonfarm payrolls decreased by 92,000 jobs last month after a downwardly revised 126,000 increase in January, the Labor Department's Bureau of Labor Statistics said. Economists polled by Reuters had forecast payrolls advancing by 59,000 jobs.

“These numbers are a negative surprise, and I must say they sort of negate the idea that the labor market is stabilizing," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

"The big question now for the labor market is, is AI really beginning to eliminate jobs and creating a weaker job environment? We're noticing also that the missing-in-action immigrants are beginning to show up in this particular report.”

S&P 500 E-minis EScv1 are down 1.3%.

Here's an early market snapshot:

(Caroline Valetkevitch, Stephen Culp)

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