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Dow futures fall 200 points after jobs report badly missed estimates

Fred Imbert

U.S. stock index futures fell to their lows of the day on Friday after the February jobs report badly missed expectations.

At around 8:30 a.m. ET, Dow Jones Industrial Average futures were down 217 points, indicating a drop of 221.23 points at the open. Futures on the S&P 500 and Nasdaq 100 also dropped. 

The U.S. economy added just 20,000 jobs in last month . Economists polled by Dow Jones expected a gain of 180,000.

Treasury yields fell along with futures. The benchmark 10-year rate dipped to 2.619 percent while the 2-year yield traded at 2.45 percent.

The data come amid growing concerns about the global economy possibly slowing down. Data out of China showed its exports slumped 20.7 percent from a year earlier, far below analyst expectations and wiping out a surprise jump in January.

Analysts cautioned that data from China at the beginning of the year may be distorted by week-long Chinese New Year public holidays, which started in early February this year. In 2018, Chinese New Year holidays started in mid-February.

The weak data all come less than 24 hours after the European Central Bank slashed its growth forecasts for the euro zone and announced a new round of policy stimulus.

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