A.M. Update

S&P futures are up 0.8% and testing just under 6000 as Payrolls beat expectations. Nonfarm payrolls increased by 139,000 in May (consensus 125,000) and nonfarm private payrolls increased by 140,000 (consensus 123,000). Average hourly earnings increased 0.4% (consensus 0.3%) and the unemployment rate was unchanged at 4.2% (consensus 4.2%). The average workweek hit 34.3 hours…