[BRIEFING.COM] S&P futures vs fair value: +4.10. Nasdaq futures vs fair value: +5.70. The stock market is on track for a higher open with futures on the S&P 500 trading four points above fair value. Index futures spent the bulk of the night near their flat lines, but spiked after the release of the Nonfarm Payrolls report for January, which was solid on all fronts. According to the report, payrolls increased by 257,000 while the Briefing.com consensus expected a reading of 235,000. Moreover, the December reading saw a large upward revision to 329,000 from 252,000. Hourly earnings (+0.5%; consensus +0.3%) surpassed estimates while the Unemployment Rate ticked up to 5.7% from 5.6% as a result of increased labor force participation rate.
On the commodity front, crude oil has built on yesterday's advance and currently trades higher by 2.5% at $51.73/bbl, which should be a supportive factor for the energy sector.
Treasuries hover on their lows with the 10-yr yield up seven basis points at 1.89%.