Peter Schacknow, Senior Producer, CNBC Breaking News Desk
Following the Dow's biggest one day loss since December 2008, investors have more big worries on their minds this morning with the July employment report set to be released.
At the same time, they're continuing to focus on the European debt crisis and the overall weakness of the U.S. economy.
In short, they appear to be worried that there's simply no place to hide except in cash. World markets are tumbling in the wake of Wall Street's Thursday plunge, and U.S. stock index futures have been extremely volatile this morning.
Metals, grains, and other commodities are falling in this morning's trading, while crude continues its plunge for the week on overriding economic concerns. Oil is on pace to post its biggest weekly drop since early May, following its lowest Comex close since February 18.
That July jobs report is set for release at 8:30am ET, with economists looking for non-farm payrolls to rise by 75,000 and the unemployment rate to remain steady at 9.2%. There is another economic report out today, though it's overshadowed by the jobs report. The government will release June consumer credit at 3pm ET, with consensus forecasts calling for a $5.0 billion increase following a $5.1 billion rise in May.
Earnings are largely overshadowed by macro concerns, but Dow component Procter & Gamble (PG) is set to report its quarterly numbers this morning, with Viacom (VIA) also on the schedule.
AIG (AIG) is a stock to watch this morning, after its quarterly earnings missed estimates. Strong results from LinkedIn (LNKD) and Priceline.com (PCLN) pushed those stocks higher in after-hours trading. Mattel could also be a stock to watch, as it loses its bid to set aside a negative jury verdict in the Bratz doll case against rival MGA Entertainment.
German Chancellor Angela Merkel and French President Nicolas Sarkozy are holding a telephone conference call today amid the world stock market turmoil. That's scheduled for some time later today.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.