Google (GOOG) reported earnings that disappointed traders and market participants awaited the jobs report at 8:30 ET. Futures then spiked around 6:30 ET, and are now pointing to a significantly higher start, on news that Microsoft (MSFT) has proposed to buy Yahoo! (YHOO) for $44.6 billion in cash and stock. The $31 per share offer represents a 62% premium over Yahoo!'s closing price. Bloomberg.com reports it is the largest technology acquisition ever, beating KKR's $26 billion acquisition of First Data Corp in 2007. There may be more movement in futures trade, with the jobs report roughly 5 minutes away. Economists expect a 70,000 increase in nonfarm payrolls and for the unemployment rate to hold steady at 5.0%.