Nasdaq Leads After Payrolls Surprise; Tesla Netflix In Motion

Stock futures upshifted sharply ahead of Friday's open, after February payrolls data showed a powerful surge in hiring.

Tesla (TSLA) and Netflix (NFLX) were in early motion on news items, while Cisco Systems (CSCO) and JPMorgan (JPM) lead early gains among blue chips.

Nasdaq 100 futures paced the early action, leaping 1% and led by Netflix and Akamai Technologies (AKAM). Futures for the Dow Jones industrial average scaled up 0.8%, the S&P 500 popped 0.7% above fair value.

U.S. nonfarm employers expanded their payrolls by a much stronger-than-expected 313,000 workers in February, the Labor Department reported. Construction hiring saw its largest increase since March 2007. February's tally marked a 57% surge over January's 200,000 new hires, and clobbered expectations for 205,000 added workers.

Upward pressure on average hourly earnings eased slightly, up 2.6% year-over-year, vs. a 2.9% year-over-year jump in January. Consensus estimates projected a 2.9% gain. The unemployment rate held steady, at 4.1%. Wage growth is a key metric of interest, as investors monitor the inflation pressures driving the Federal Reserve's interest rate hike strategy.

Wholesale inventories numbers are expected at 10 a.m. ET from the Commerce Department, and Baker Hughes (BHGE) releases its weekly rig count at 1 p.m.ET.

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Netflix Gets Obama Boost; Wynn Resorts Rises, Tesla Slips

Netflix ran ahead of its FANG stock peers, jumping 1.5%. News reports said the company was in advanced negotiations with former President Barack Obama and former first lady Michelle Obama for content to be used exclusively by Netflix. Netflix shares ended Thursday up 5.3% for the week, and were extended after clearing a flat base in early January.

Wynn Resorts (WYNN) rolled ahead 4%, after reports that the company had agreed to pay $2.6 billion to settle a shareholder dispute. The payment aims to allow Steve Wynn, who resigned as chairman and chief executive in February amid allegations of sexual misconduct, to sell his 12% stake in the company.

The stock ended Thursday up 9.8% for the week after a five-day advance. The gain lifted shares back above 10-week support in the sixth week of a possible base pattern.

Chip stocks were generally positive in early action, but Marvell Technology Group (MRVL) narrowed its early loss to less than 1% after narrowly topping fourth-quarter earnings targets and offering mixed Q1 guidance. The chipmaker's shares rose 3% in heavy trade Thursday, narrowly topping a cup base buy point at 24.31.

Tesla dipped 1.2% in early action, after announcing late Thursday that Chief Accounting Officer and Controller Eric Branderiz had suddenly resigned for personal reasons. The stock has been consolidating since September, and in a struggle to hold support at its converged 10- and 40-week moving averages.

Earnings news drove distributor United Natural Foods (UNFI) up 9% ahead of the open, while Finisar (FNSR) and Big Lots (BIG) dived 10% apiece.

Among IBD stocks, Smart Global Holdings (SGH) skipped up more than 3% to lead the list. The May 2017 IPO ended Thursday 9% below a 43.25 buy point in an odd-shaped cup base.

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