Market Overview

#PreMarket Primer: Thursday, July 3: Much To Consider Despite The Short Day

#PreMarket Primer: Thursday, July 3: Much To Consider Despite The Short Day

Although US markets close at 1:00 p.m. ET on Thursday for the Independence Day holiday, the short day will be jam packed with market moving economic data.

Most notably will be US non-farm payrolls data which is expected to show a fifth straight week of gains above 200,000.

Most analysts expect that US employers added between 210,000 and 213,000 jobs in June, an impressive figure that would solidify hopes that the US’ recovery was moving in the right direction.

Top News

In other news around the markets:

  • After Ukrainian President Petro Poroshenko ended the ceasefire between rebel groups and government forces by launching a renewed offensive, Moscow and Kiev continued to try to negotiate a lasting peace agreement. With the help of officials from both Germany and France, Foreign Ministers from both Russia and Ukraine worked to create terms for a new ceasefire by July 5.
  • The European Central Bank is set to hold its monthly policy meeting on Thursday; with most expecting that the bank will not make any major changes. However, the press conference following the meeting will be closely watched as investors wonder whether or not Draghi will open the door to the possibility of a large-scale quantitative easing program in the future.
  • Speaking at the International Monetary Fund, Federal Reserve Chair Janet Yellen voiced her discomfort with the idea of raising interest rates in order to keep the nation from slipping into another financial crisis. Instead, Yellen defended the idea of further regulation as a tool to sure up the system and make it more able to weather financial storms.
  • China’s HSBC services PMI increased to 53.1 in June, up from May’s 50.7 reading and the nation’s highest reading in more than a year. The data further confirmed that Beijing’s mini-stimulus plan is setting in and boosting the economy. However, many are still anxious about the China’s strength as although recent economic data has been pointing to modest economic growth,  the overall recovery is still viewed as weak.

Asian Markets

Asian markets were mixed; the NIKKEI was down 0.16 percent, the Kospi lost 0.33 percent and the Hang Seng index fell 0.09 percent. However the Shanghai composite was up 0.21 percent and the Shenzhen composite gained 0.97 percent.

European Markets

Europe’s markets were mostly higher, the FTSE gained 0.35 percent, the STOXX 600 was up 0.19 percent, the DAX rose 0.33 percent and the CAD 40 was up 0.38 percent.


Oil futures were lower on Thursday morning, Brent figures lost 0.16 percent and WTI futures were down 0.39 percent. Gold and silver lost 0.56 percent and 0.78 percent respectively, while industrial metals gained. Aluminum was up 2.07 percent, zinc gained 2.86 percent and tin rose 0.99 percent.


The euro lost its footing ahead of the ECB meeting and traded at $1.3648, down 0.08 percent. The dollar gained 0.11 percent against the yen, 0.07 percent against the pound and 0.71 percent against the Australian dollar.


Notable earnings released on Wednesday included:

  • Synnex Corporation (NYSE: SNX) reported second quarter EPS of $1.52 on revenue of $3.45 billion, compared to last year’s EPS of $0.81 on revenue of $2.59 billion.
  • UniFirst Corporation (NYSE: UNF) reported third quarter EPS of $1.53 on revenue of $352.20 million, compared to last year’s EPS of $1.43 on revenue of $335.76 million.
  • Constellation Brands (NYSE: STZ) reported first quarter EPS of $1.07 on revenue of $1.53 billion, compared to last year’s EPS of $0.38 on revenue of $673.40 million.

Pre-Market Movers

Stocks moving in the Premarket included:

  • Constellation Brands (NYSE: STZ) was up 6.94 percent in premarket trade after gaining 2.34 percent on Wednesday.
  • Darden Restaurants (NYSE: DRI) gained 1.67 percent in premarket trade after falling 0.67 percent over the past five days.
  • Delta Air Lines (NYSE: DAL) was down 3.20 percent in premarket trade after losing 5.14 percent on Wednesday
  • Harley-Davidson (NYSE: HOG) fell 2.32 percent in premarket trade after losing 3.60 percent on Wednesday.


No notable earnings releases expected on Thursday.


US non-farm payrolls data will be the star of Thursday’s economic calendar as most are expecting the figures to indicate that the region’s recovery is on solid ground. Investors will also be watching the European Central Bank as it holds its monthly policy meeting. Other notable economic releases include services PMI from the US, the UK, Germany, France , Italy and Spain, and the US unemployment rate.

For a recap of Wednesday’s market action, click here.

Tune into Benzinga’s #PreMarket Prep today to hear Marc Faber, Rachel Fox & Tim Melvin by clicking here!

Posted-In: Earnings News Guidance Eurozone Futures Commodities Previews Forex Best of Benzinga


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