U.S. stock market futures soared Friday morning after May’s dreaded jobs report came in much better than expected, plus stocks to watch today in the Money & Markets Opening Bell.

The Top Story

The unemployment rate from the Labor Department for May actually fell to 13.3% from 14.7% in April, and was much lower than the 19.5% estimate from economists.

The news sent stock market futures on a tear upward as investors continue to bet on a quick recovery out of the coronavirus lockdown.

As of 9:10 a.m. EDT, Dow Jones futures were up over 700 points, or 2.8%. S&P 500 futures gained 2%, while Nasdaq composite futures were up 0.6%.

The Nasdaq 100, which tracks the top 100 nonfinancial companies within the Nasdaq, became the first U.S. equity index on Thursday to claim a new all-time high, with the rebound driven partly by tech-related firms including Amazon.com Inc. (Nasdaq: AMZN) and Netflix Inc. (Nasdaq: NFLX)

The Nasdaq composite, which is more closely watched than the Nasdaq 100, is just about 2% below its own record high, while the S&P 500 and Dow Jones indexes are 8% and 11% below their respective all-time highs.

Boeing Co. (NYSE: BA) surged up 10.3% in premarket trading on continued optimism about a pickup in air travel a day after American Airlines Group Inc. (Nasdaq: AAL) said it would boost its U.S. flight schedule next month.

Vaccine maker Novavax Inc. (Nasdaq: NVAX) jumped 10.8% after saying it would receive up to $60 million from the U.S. Department of Defense to fund the manufacturing of its COVID-19 vaccine candidate.

Stocks to Watch Today

Slack Technologies Inc. (NYSE: WORK) — The software company pulled its full-year guidance as part of its quarterly earnings report. While the company reported a jump in revenue, it had an earnings loss of $0.02 per share. Shares of Slack were down 17.8% in premarket trading.

American Airlines Group Inc. (Nasdaq: AAL) — Shares of the airline company rose 25.8% in premarket trading coming off one of its best days on record following the announcement it was expanding its July flight schedule to 55% of the company’s original plan.

Broadcom Inc. (Nasdaq: AVGO) — The American semiconductor supplier reported a 4% increase in revenue and came close to Wall Street expectations in earnings. It reported revenue of $5.74 billion and earnings per share of $5.14. Shares of Broadcom were up 3.4%.

JCPenney Plans to Close 154 Stores With More On the Way

Shortly after filing for bankruptcy protection, JCPenney Co. Inc. (Over-the-Counter: JCPNQ) announced it was closing 154 stores across the country, starting June 12.

The company said it will announce more closings in the coming weeks and that those already slated to close could take 10 to 16 weeks to complete.

JCPenney filed for Chapter 11 bankruptcy protection on May 15 and hopes to come out of that as a smaller department store chain.

Amwell Files Confidential IPO, Prepares to Go Public

As the telemedicine industry has seen a massive jump during the coronavirus pandemic, one of its leaders is getting set to go public.

Sources told CNBC that Amwell confidentially filed for an initial public offering earlier this week and has hired Morgan Stanley (NYSE: MS) and Goldman Sachs Group Inc. (NYSE: GS) the lead the deal.

The news comes less than a month after Amwell raised more than $200 million to help it meet the rising demand for remote health care services.

British Unit of Victoria’s Secret Parent Files for Creditor Protection

The U.K. arm of Victoria’s Secret and Bath & Body Works owner L Brands Inc. (NYSE: LB) has filed for protection of creditors as it deals with the fallout from the coronavirus pandemic.

According to The Wall Street Journal, the British unit is invoking what is called “light-touch administration” which is similar to bankruptcy but allows management to continue running the business.

L Brands employs more than 800 people and operates 25 stores under the Victoria’s Secret and Pink brands.

What We’re Reading

Ignore COVID-19 Noise — ‘Focus on the Knowns’ and Invest Now (Money & Markets)

US Antitrust Probe of Google Includes Search on Android, Says Rival (CNN Business)

Warner Music IPO Makes a Splash, but Should You Buy? (Money & Markets)

Earnings Report

Here are the companies releasing earnings reports today:

Tribune Publishing Co. (Nasdaq: TPCO)

Xinyuan Real Estate Co. Ltd. (NYSE: XIN)

Check back each morning before the opening bell for stocks to watch today with Opening Bell, here on Money & Markets