Dow Futures Chart Over 400 Points Higher After Weak Jobs Data

Stock futures are moving higher, as investors digest a weaker-than-expected jobs data and Treasury yields cool. The U.S. nonfarm payrolls report showed an increase of 29,000 jobs with unemployment rising to 4.2%, well below the 84,000 and 4.1% estimate. Futures on the Dow Jones Industrial Average (DJI) are surging over 420 points in response, while the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) sport healthy pre-market gains as well.

The 10-year Treasury yield is moving lower following this week's surge to 24-year highs, last seen at to 5.18%, while West Texas Intermediate (WTI) crude also takes a breather, back below $90 per barrel.

Continue reading for more on today's market, including:

• Back to the basics: How to implement a pairs trade. 
• 10 stocks with short squeeze potential. 
• Plus, another Nike's faux pas; ON Semiconductor make a deal; and MRNA's big move.

5 Things You Need to Know Today

1. The Cboe Option Exchange saw roughly 2 million call contracts and 1.2 million put contracts traded on Thursday. The single-session equity put/call ratio rose to 0.57, while the 21-day moving average remained at 0.59. 
2. Nike Inc (NYSE:NKE) is down over 7% lower in premarket trading, looking to extend last session's 13-year lows, after the athletic retailer posted mixed fiscal first-quarter results, with a revenue miss and grim outlook weighing on shares. The company also announced a restructuring plan that will lead to layoffs. Coming into today, NKE is down 44.9% year to date. 
3. ON Semiconductor Corp (NYSE:ON) is up% 7.4 before the bell, after news that the tech behemoth will purchase Synaptics (SYNA) for $123 per share, in an all-cash deal worth $5.7 billion. Should these gains hold, ON will break above the $80 level and add to its now 47% year-to-date lead.
4. Moderna Inc (NASDAQ:MRNA) is up 0.3% before the bell. The drugmaker announced it will replace Warner Bros. (WBD) in the Nasdaq 100 on Oct. 9, before the open. Year to date, MRNA stock is up 540.7%. 
5. Next week is fairly quiet, with Federal Open Market Committee (FOMC) meeting minutes on tap. 

European Markets Enjoy Gains as Yields Cool

Asian markets finished the session mixed, as investors kept a close watch on elevated bond yields. Retail sales in Hong Kong showed a lift to 5.6% year-over-year in August, marking a 16th consecutive monthly gain. The regions Hang Seng Index slipped 2.6%, however, while the Nikkei in Japan logged a 0.9% loss. South Korea’s Kospi gained 0.5%, while China’s Shanghai Composite was closed for holiday.

Stocks in Europe are carrying healthy gains so far today, as Treasury yields cool and the tech sector sports healthy gains. At last check, the FTSE 100 in London is up 0.4%, France’s CAC 40 is 0.8% higher, while Germany’s DAX leads gains with a 1.2% pop.