Thursday, 3 August 2017

Wall Street to open lower; employment figures in focus

Posted by Anonymous at 13:43 Labels:

US stock index futures pointed to a lower open on Thursday early trading hours, with market players concerned about disappointing jobs data from ADP as the official NFP gets closer.

According to data, US private sector added 178,000 jobs in July, falling short from an initially forecasted 185,000 jobs build. Investors understand that labor market conditions should continue to improve for the Federal Reserve to raise interest rates for a third time this year.

Fed funds tracked by CME Group’s FedWatch tool show chances for a 25 basis points interest rate hike by December at 42.5 percent. Rates currently stand between 1.00 and 1.25 percent.

Wednesday’s session was certainly relevant for US equity markets, as the Dow Jones industrial average reached an all-time high, breaking the 22,000 for the first time in history.

The index was supported by surging Apple stocks following an upbeat second-quarter earnings report. The tech giant reported earnings per share of $1.67 and a revenue of $45.4 billion, in both cases above analysts expectations of $1.57 and $44.89 billion.

  • Dow Jones Industrial Average: +52.32 / 0.24% / 22,016.24

Advancers: Apple +4.73%, McDonald’s +1.66%, United Technologies +1.24%

Losers: Walt Disney -1.75%, Verizon -1.39%, Merck -0.75%

  • Standard & Poor’s 500: +1.22 / +0.05% / 2,477.57

Advancers: Illumina Inc +14.83%, FMC +8.40%, Frontier Communications +7.30%

Losers: Range resources -11.82%, Pioneer Natural Resources -10.77%, DaVita -8.84%

  • Nasdaq Composite: -0.29 / -0.01% / 6,362.65

Advancers:  Medical Tra +34.37%, The Bon-Ton +20.72%, Spark Therapeutic +19.72%

Losers: Terravia -70.62%, Radisys -31.97%, Top Ships -27.33%

Later in the day, US initial jobless claims will be out by 12:30 GMT. Factory orders for June are set for release as of 14:00 GMT, together with the ISM non-manufacturing PMI.

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