U.S. indices were in the red across the board midday Friday following the release of the April nonfarm payrolls numbers before the opening bell.
The U.S. only added 160,000 jobs in April, falling well short of the consensus estimates for 200,000. February's figures were revised downward slightly to 233,000 from 245,000, while the March numbers were also revised down to 208,000 from 215,000 The miss and downward revisions are helping the market close out a dismal week on a similarly dismal note.
The Dow Jones Industrial Average was falling 0.12%, while the Nasdaq and S&P 500 were down 0.5% and 0.3%, respectively.
Crude prices were able to recover from their earlier dip midday with industry-standard Brent crude futures contracts rising $0.83 to $45.84 per barrel. West Texas crude futures contracts were also climbing $0.83 to $45.15 per barrel.
The latest round of earnings releases were also weighing on the market.
Yelp (YELP) was one of the top performers midday, up more than 20% on five times its normal volume midday, following the release of the restaurant review company's latest quarterly report. The company reported adjusted EPS of $0.08, topping analyst estimates by a nickel. Earlier in the week, Greenlight Capital, a fund managed by investor David Einhorn, announced a stake in the company, with Einhorn saying he believes Yelp could double its revenue by 2019, according to Reuters.
GoPro (GPRO) continued to drop Friday following its earnings release. The company was down nearly 5% on heavy volume after it reported mixed results, topping analysts' top-line estimates, but reporting a wider net loss than expected. Additionally, the company announced that it was delaying the launch of its flying-camera drone until the holiday shopping season. The product was originally set to launch this quarter.
J.C. Penney (JCP) shares were down nearly 8% on twice its daily volume as the retailer prepares to take defensive measures, including cutting its payroll and freezing overtime, according to the New York Post.
Shares of Action Alerts PLUS holding Apple (AAPL) were down about 1% following reports that CEO Tim Cook would be meeting with Chinese officials later this month. The trip comes just weeks after the government shut down Apple's iBooks Store and iTunes Movie services. Compounding issues, earlier this week a court in Beijing ruled that Xintong Tiandi Technology was the legal owner of the trademark for the word "iPhone" in China after being approved for the trademark in 2010. Apple applied for the trademark for electronics in 2002, but the bid was not approved until 2013.
Trifecta Stocks holding United Parcel Service (UPS) declared a quarterly dividend of $0.78 per share, payable June 1 to shareholders of record on March 16. UPS shares were down 0.5% midday Friday.