MARKET ACCESS CENTER: MORNING REPORT
Ahead of the Bell: Dow futures are trading up 16 points and S&P futures are trading up 2 points. All eyes will be on the June employment report due out before the opening bell today. Economists are forecasting the private sector created 211K jobs last month compared with 217K in July, while the unemployment rate is expected to remain unchanged at 6.3%. According to a Reuters poll of economists, the June employment report is expected to be strong boosted by an expansion in manufacturing and robust auto sales, despite the dismal GDP numbers for the first half of 2014.
Other economic data on the calendar today, include weekly jobless claims which is also scheduled to be published prior to the market opening, 314K is expected versus 312K last week.
The dollar is up against the euro and the British pound and down against the Japanese yen. Gold is trading at $1,319. Crude oil is currently trading at $103 a barrel.
Yesterday, stocks finished a mixed session on better than expected ADP employment data following upbeat comments from Fed Chair, Janet Yellen to continue current monetary policy.
On CNBC this morning, Rebecca Patterson, Chief Investment Officer at Bessemer Trust, talked about the rally in the equity markets. Patterson said when you look at the second half of the year, the economy appears to have momentum and the Federal Reserve is not likely to increase interest rates soon which will push the markets higher. The only risk she sees is geopolitical concerns from the middle east or Europe which could drive crude oil prices up. Patterson added growth is not the only thing to watch, demand and supply factors are also expected to drive the markets higher.
Have a great day.
Wednesday's Close
DJIA up 20.17 pts/+0.12%/ 16,976.24
S&P up 1.30 pts/+0.07%/ 1,974.62
Nasdaq down 0.92 pts/-0.02%/ 4,457.73
Thursday's Futures
Dow Futures up 16.00 pts/+0.09%
S&P Futures up 2.25 pts/+0.07%
Nasdaq Futures up 4.75 pts/+0.11%
Overseas Markets
FTSE +0.46%
CAC 40 +0.36%
NIKKEI 225 -0.14%
HANG SENG -0.08%
Overseas: Global stock markets are up today. European markets are mixed following slower business activity in the region, while Asian markets traded cautiously ahead of the US non-farm payroll data to gauge if the economy is gaining momentum.
Economic Reports: Employment Situation expected to be 211K at 8:30 a.m., International Trade expected to be $-45.1 B, Weekly Jobless Claims expected to be 314K at 8:30 a.m. and ISM Non-Manufacturing Index expected to be 56.2 at 10:00 a.m.
Top Headlines
Boeing Company (BA) said it has signed a $2.8 billion contract with NASA to develop the core stage of the Space Launch System (SLS).
A Senate panel investigating whether General Motors Company (GM) allegedly mishandled faulty ignition switches that have been tied to at least 16 fatal accidents will commence a second hearing on July 17.
Commodities/Currency
Gold: up $11.10 to $1,319.30
Oil: down $0.71 to $103.77
EUR/USD 1.3651 -0.0006
USD/JPY 101.8930 +0.1145
GBP/USD 1.7130 -0.0061
Volatility Index (VIX): As of the close of business Wednesday, July 2, 2014 the VIX is down 0.19 at 10.89.
Companies Reporting Quarterly Earnings
International Speedway reports Q2 adj EPS 50c, vs. Est 49c and Q2 revenue $190.3M, vs. Est $186.34M.
Today's Opening and Closing Bells
Four Block Foundation which is a non-profit organization committed to providing career development and transition support services to returning veterans and their families, Founder and President Michael Abrams will ring the Opening Bell.
Macy’s 4th of July Fireworks Executive Producer Amy Kule Rings NYSE Closing Bell on July 3rd to Celebrate 38th Annual Macy’s 4th of July Fireworks. Fireworks Spectacular Comes to the NYSE Trading Floor as Cold Pyrotechnic Sparklers Light Up the NYSE Bell Podium.
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