Friday, 7 July 2017

US equities to open flat ahead of NFP

Posted by Anonymous at 15:19 Labels:

Wall Street futures traded near breakeven on Friday pre-session hours as participants looked ahead a series of key labor market metrics later in the session.

Attention is now entirely directed to the average hourly earnings, nonfarm payrolls and unemployment rate for June, which are all set release as of 12:30 GMT.

Analysts forecasted a 0.3 percent build in average earnings and a rise of 179,000 jobs last month. As for the unemployment rate, it’s seen steady at 4.3 percent.

On Thursday, US stock indexes ended in red territory with the technology sector again dragging them into the downside. Tech stocks closed nearly 0.8 percent lower.

Facebook, Tesla, Apple, Netflix and Google’s parent company Alphabet notched down, weighing on the Technology Select Sector SPDR, which fell 0.9 percent in late trading.

Tesla stocks were down by more than 5.5 percent in the session as investment bank Goldman Sachs said delivery results of the company were disappointing.

Oil futures settled higher following a larger-than-expected drop in crude and gasoline stockpiles. The US Energy Information Administration said crude reserves plunged by 6.3 million barrels for the week ended June 30. This provided extra support to energy stocks.

  • Dow Jones Industrial Average: -1.10 / -0.01% / 21478.17
  • Standard & Poor’s 500: 3.53 / 0.15% / 2432.54
  • Nasdaq Composite: 40.79 / 0.15% / 6150.85

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