Before the payroll report S&P futures were at 1927. Upon the release futures fell off a cliff. The report was a disaster. 118,000 new private sector jobs. A drop in the participation ratio. Zero gain in wages. A reduced work week. Those not in the work force increased a lot. The previous report was revised a lot lower.
Since when was bad news bad news? Since recently. Just about the time of the last Fed meeting. Interest rate futures implied a reduced chance that the Fed would increase interest rates. That used to be accompanied with rising futures.