Employment data is the dominant theme for today's calendar.
Weekly mortgage applications are the report at 7 a.m. ET, followed
by Challenger job cuts 30 minutes later. But the big headline is
the ADP private-sector payroll report a 8:15 a.m. ET. Economists
are looking for a reading of 150,000 for June, up from 135,000 the
The Institute for Supply Management will report its service-sector
index at 10 a.m. ET. Economists expect a reading of 54, up from
53.5 in May. Crude-oil inventories follow half an hour later, and
natural-gas data is scheduled for noon ET.
The U.S. market closes early at 1 p.m. ET and remains shut tomorrow
in observance of Independence Day. Friday brings the pivotal
non-farms payroll report for June.
Next week's events begin overseas, with German industrial
production Monday morning and Chinese trade numbers in the evening.
Tuesday night brings the Bank of Japan's monetary announcement.
Minutes from the Federal Reserve's last meeting will be announced
on Wednesday, and retailers will report same-store sales Thursday
morning. Friday of next week concludes with producer prices and
Next week will also see the start of corporate earning season,
starting Monday afternoon with Alcoa.
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