Stock Futures Surge as June Jobs Data Deflates Rate Hike Fears

Futures on the Nasdaq-100 (NDX), Dow Industrial Average (DJI), and S&P 500 (SPX) are surging, as markets look to close out the holiday-shortened week on a high note. Keeping gains in check is Alphabet (GOOGL), however, the Magnificent 7 name sinking after an appeal to a $4.7 billion antirust fine was denied.

Nonfarm payrolls for June rose to 57,000 for the month, sharply missing expectations of 115,000 and coming in below May's 129,000. Unemployment slipped to at 4.2%, just shy of forecasts of 4.3%. The report has investors encouraged that interest rate hikes are now potentially off the table for the time being. Meanwhile, Bitcoin (BTC) is enjoying a nearly 2% surge and crude prices continue to slip, eyeing a fourth-straight weekly drop.

• Signal: this blue-chip oil stock is ripe for a bounce.
• What's on deck for July's first full trading week.
• Plus, HOOD tailwinds blowing; Palantir pops on upgrade; and AVAV in rally mode.

5 Things You Need to Know Today

1. The Cboe Options Exchange saw roughly 2.8 million call contracts and 1.9 million put contracts traded on Wednesday. The single-session equity put/call ratio rose to 0.69, while the 21-day moving average remained at 0.58. 
2. Robinhood Markets Inc (NASDAQ:HOOD) stock is surging 3% before the opening bell, enjoying a halo lift from Bitcoin (BTC) and a price-target hike to $130 from $115 at Mizuho. Should these premarket gains hold, HOOD will be testing its year-to-date breakeven level.
3. Shares of Palantir Technologies Inc (NASDAQ:PLTR) are 3.9% higher ahead of the open, after D.A. Davidson upgraded the software stock to "buy" from "neutral. The firm cited attractive entry point for the bull note. PLTR has underperformed in 2026, down 29% and trying to bounce off its June 25 52-week lows of $106.37.
4. AeroVironment, Inc (NASDAQ:AVAV) stock is enjoying a 5.5% lift in electronic trading, after the dronemaker landed a contract with the U.S. Army, valued at $500 million to develop counter-drone technologies. AVAV has struggled over the past 12 months, shedding 31%.
5. The holiday-shortened week closes out with a slew of jobs data.

Kospi Slides Nearly 8% on Tech Tumble

South Korea’s Kospi was the story in Asia, shedding 7.9%, with tech titans SK Hynix and Samsung the notable laggards. Japan’s Nikkei shed 2.5%, while the Shanghai Composite gave back 2%. Hong Kong’s Hang Seng bucked the regional trend, adding 0.8%, thanks to an outsized move from pharma stocks.

Over in Europe, bourses are strengthening. London’s FTSE 100 was last seen 0.6% higher, while the French CAC 40 is up 1%. The German DAX is up 1.2%, even as the 10-year bond yield rises to 2.9%.