Stocks are indicated modestly lower following disappointing jobs data Friday. Thirty minutes before the start of trading in New York, stock index futures hint at a possible 20 or 30 point early loss for the Dow Jones Industrial Averages.

Stock index futures stumbled after the Labor Department reported that the US economy lost 85,000 jobs in December, which was about 80,000 worse than economists had expected.

However, a sell-off isn’t likely because, looking beyond the headline number, the news wasn’t all bad. November numbers were revised up to show a 4,000 increase in new jobs, compared to an initial reading of -11,000. The unemployment rate held steady at 10 percent. Some economists were looking for an increase to 10.2 percent. Average hourly earnings rose .2 percent, which was in-line with expectations.

Bonds are higher on the news. The benchmark ten-year Treasury is up 5/32nd and yields 3.80 percent.

The dollar fell .61 to 92.66 against the yen. The euro added .0056 to 1.4376.

The action in the commodities markets is mixed. While crude oil slipped .30 to $82.36 a barrel, gold overcame early weakness and is up $5.80 to $1139.50 an ounce.

Among the stocks to watch, Deutsche Bank (DB) gained 2.7 percent after UBS upgraded the German banking giant to Buy. UPS added 3.5 percent after raising its fourth quarter earnings guidance to 73 to 75 cents per share, compared to analyst estimates of 63 cents. FedEx (FDX) is heading higher on the news as well. Best Buy (BBY) is down 1.5 percent after reporting an 8.2 percent increase in December sales and reiterating its full year revenue and earnings outlook.