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U.S. stocks were headed for a sharp sell-off at Friday's open, following a weak report from the government showing a disappointing slowdown in job growth.
Over the last few months, signs of a stalling recovery have been building, with stocks delivering their worst monthly performance in May since August 2010.
The government's May jobs report only exacerbated those worries.
Employers added a mere 54,000 jobs last month, down from a downwardly revised 232,000 in the previous month. The unemployment rate nudged up to 9.1%.
That was much worse than 170,000 expected obs were created in May, and that the unemployment rate would hav ticked down to 8.9%.
The Institute for Supply Management will put out its May services index at 14:00 GMT. Economists are looking for the index to edge up to 53.3 from April's 52.8.
Oil for July delivery slipped $1.70 to $98.70 a barrel.
Meanwhile, gas prices inched up for a second day, following a 20-day streak of declines.
Gold futures for July delivery rose $8.20 to $1,540.20 an ounce.
Companies: The U.S. Treasury announced Friday it sold off its last remaining stake of Chrysler Group LLC to Italian automaker Fiat, which already holds a controlling share. The Treasury said on Thursday that it will sell its 6% stake -- 98,461 shares -- to Fiat for $500 million.
On Thursday, online coupon company Groupon filed for a $750 million initial public offering. Groupon plans to trade under the symbol "GRPN."
Moody's Investors Service said Friday it has downgraded the deposit and senior debt ratings of eight Greek banks.
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