July 3, 2013 -- 8:30 a.m. ET - 07/03/13
Stock index futures are pointing to a modestly lower open in New York. The Dow, S&P 500 and NASDAQ are all trading 0.2% below fair value on Globex. Investors are cautious heading into the shortened session following some weaker-than-expected Chinese economic data and growing unrest in Europe and the Middle East. In Asia, Chinas official service sector PMI declined to a nine month low. Meanwhile, political instability in Egypt and Portugal are causing global uncertainty. On our shores, economic data is helping keep losses in check. Early reports were positive with ADP private payroll expanding by 188,000 in June, ahead of the anticipated level of 160,000. Weekly jobless claims also topped expectations, falling to 343,000. On the downside, the U.S. international trade gap unexpectedly widened to $45 Billion from $40.1 Billion. After the opening bell, the June reading on ISM non-manufacturing and petroleum inventories are scheduled to hit the tape. Commodity related stocks could be active in the session as crude oil prices rises 1.9% to $101.48 per barrel and gold advances 1% to $1255.80 an ounce. Shares of Chevron are holding their ground, off less than 0.1% in pre-market action while Freeport-McMoRan gains 0.4%. Turning to fixed income markets, Treasuries are little changed along the curve. The benchmark 10-year note is down 1/32 to yield 2.48% and the 30-year bond is up 1/16 to yield 3.47%.
Benjamin J. Chuckrow
Senior Vice President
Wells Fargo Advisors
37 Henry Street, Suite 201
Saratoga Springs, NY 12866
Toll Free: 800-581-5196
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.
Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.