Hello from Geneva, where it is 3:00 p.m. and I sit in a cafe along the Rhone River.
Early indications point to weakness for the US market after the three-day holiday, as stocks and commodities are under pressure on the heels of Thursday’s weak jobs data.
The report, which showed the economy losing 467,000 jobs in June, and 100,000 more than expected, sent the Dow Jones Industrial Average skidding 223 points and, with no fresh news to ease the renewed worries about the economy, stock index futures are lower in a continuation of Thursday’s decline.
Crude oil slipped again and is approaching $64 a barrel, as worry about the global economy weighs on commodities as well.
The dollar and yen are benefiting from equity market weakness, with the euro dipping to 1.39 on the buck.
Bonds aren’t bouncing, however. The benchmark ten-year Treasury is down 3/32nd and its yield is creeping back above 3.51 percent.
Attention turns to the ISM Services Index at 10:00 a.m. The index, which tracks economic activity outside of the manufacturing sector is expected to improve to 46 in June, up from 44 the month before.
Among the stocks to watch, LDK Solar (LDK) is down 8 percent and likely to weigh on solar stocks after lowering second quarter revenue guidance. Data Domain (DDUP) is up 3.3 percent after EMC raised its bid to $33.50. BofA (BAC) is down 2 percent on news it will pay $713 million in TARP Preferred Dividends.

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