Stock futures are pointing modestly higher this morning as investors await a slate of data and digest GM’s earnings release. Europe still remains a concern, though two bond auctions in France and Spain went off without a major event. Yields rose in Spain, but the auction was heavily subscribed. Currently the Dow futures are up 13 points. The Nasdaq and S&P futures are also trading modestly higher, both up 4 and 2 points respectively.
Most market watchers are expecting a sideways day as investors gear up for the unemployment report tomorrow. Expectations are for job creations numbers to come in at 169k and the unemployment rate staying unchanged at 8.2%.
After the disappointing ADP numbers yesterday, the weekly jobless claims may give the market a boost after they declined 27k to 365k. At 10am EST, the ISM non-manufacturing purchasing index will be released.
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Commodities are trading nearly flat to slightly negative this morning. Nymex crude futures are down fractionally to $105.04 per barrel. Gold prices are off half a percent to $1,645.80. [Read more...]