Today brings several big economic reports, but volumes are
likely to be weak ahead of tomorrow's Independence Day holiday.
The European Central Bank will report its monetary policy at 7:45
a.m. ET, followed at 8:30 a.m. ET by the U.S. non-farm payrolls
report. Economists estimate that 210,000 jobs were added last
month, down from 217,000 in May. The unemployment rate is expected
to remain at 6.3 percent.
Weekly jobless claims, scheduled for the same time, are projected
at 315,000 versus 312,000 one week earlier.
The Institute for Supply Management's non-manufacturing index
follows at 10 a.m. ET. Economists are looking for a reading of
56.5, compared with 56.3 in the previous month. Weekly changes in
natural-gas inventories follow at 10:30 a.m. ET.
The market closes early at 1 p.m. ET and remains shut until Monday.
Next week's calendar is relatively quiet. The first major events
come Tuesday afternoon and evening, when Alcoa reports earnings and
China announces inflation data.
Wednesday has few items, but Thursday brings monthly same-store
sales from select retailers and weekly jobless claims. Family
Dollar and Progressive announce results as well.
Wells Fargo reports earnings Friday morning. Citigroup, JP Morgan,
Goldman Sachs, Bank of America and other financial names follow
early the next week.
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