Global stocks laid low ahead of the New York open, waiting to take a cue from this morning’s influential US jobs report, which could help define market expectations for a Federal Reserve interest rate cut as soon as at the end of July.
The report, which is scheduled for release at 8:30am EST, looks to hold critical clues relating to the durability of the longest US economic expansion in history, despite underlying disturbances in manufacturing and trade relations.
Ahead of the non-farm payrolls release, The Bureau of Labor Statistics is expected to show American employers to have added 160,000 new job positions last month, keeping the headline unemployment rate at a half-century low of 3.6%.
Global central banks stretching from Ottawa to Tokyo have done much to prime investors for lower rates and deepen monetary stimulus in the coming months - therefore, any weakness in today’s main employment readings will likely entice investors to add to bets of a rate cut.
Today’s data-driven session will follow suit to results from Wednesday’s truncated trading day, where the S&P 500 finished at its highest levels of the day, rising +0.80%, as investors cheered the prospect of looser monetary policy at the world’s major central banks. The benchmark now sits fewer than five points away from crossing the 3,000 mark for the first time.
TODAY'S TOP HEADLINES
China & Trade: China Reiterates Demand That US Must Lift All Tariffs. (Bloomberg)
China continues to stress that the US must remove all the tariffs placed on Chinese goods as a condition for reaching a trade deal.
ECONOMIC CALENDAR
Today's Economical Announcements.
08:30AM - ★★★ - Nonfarm Payrolls (Jun) (Previous: 75,000)
08:30AM - ★★★ - Unemployment Rate (Jun) (Previous: 3.6%)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Karyopharm Therapeutics (KPTI): [NEWS] Announced that Xpovio, a drug aimed at treading refractory multiple myeloma, was approved by the Food and Drug Administration.
Qualcomm (QCOM), Micron Technology (MU): [NEWS] Chipmakers after Samsung warned its second-quarter earnings likely plunged more than 50% from the previous year. Samsung cited weak demand for memory chips for the grim guidance.
Alexion Pharmaceuticals (ALXN): [NEWS] The European Commission approved marketing for ULTOMIRIS, a drug used to treat paroxysmal nocturnal hemoglobinuria in adults. The U.S. Food and Drug Administration approved Alexion’s drug in December of last year.
Canopy Growth (CGC): [NEWS] Reports emerged that former co-CEO’s Bruce Linton’s departure came after clashes with Constellation Brands CEO Bill Newlands, citing that Constellation Brands tried exerting more control over the cannabis company ever since becoming its largest shareholder.
Amazon (AMZN): [NEWS] A UK regulator is looking into the e-commerce giant’s investment in food-delivery start-up Deliveroo. This could give the regulator the authority to block Amazon’s $575 million investment.
MOMENTUM STOCKS
GAINERS: JEF, VG, AMRN, KTOS
DECLINERS: EA
TODAY'S IPOs
None.
