Stocks are poised to rally for the fourth straight day ahead of
job openings data, but the Obama White House is less optimistic
about the economy.
Before the opening bell,
(INDEXDJX:.DJI) futures were up 0.31% at 15,207. Futures contracts
(INDEXSP:.INX) rose 0.40% to 1,642.10 and
(INDEXNASDAQ:.IXIC) futures climbed 0.36% to 2,969.50.
Markets are higher in developed markets worldwide. Japan's
(INDEXNIKKEI:.NI225) rose 2.6%. Indices in Europe are also rallying
Later this morning, the Job Openings and Labor Turnover survey for
May will be released. The headline openings number is expected to
rise to 3.8 million from 3.76 million in April.
A fall in pharmaceuticals and metals led to an unexpected 0.8% fall
in UK factory output in May. Economists had expected a 0.4%
increase. Total industrial production was flat month-over-month
thanks to higher oil and gas output. Britain also released data
showing that its trade deficit rose by 300 million pounds to 8.5
billion pounds in May, a slightly wider gap than the market
expected. Imports were up 1.3% and exports rose 1.5%. This data
casts some doubt on upbeat UK PMI surveys that came out recently.
China's inflation ticked up a bit more than expected in June. While
consumer prices were flat month-over-month or up 2.7% on the year,
the price of goods at the factory gate fell 0.6%, or 2.7% year over
year. This is the 16th straight month of producer price deflation
in China. This could shift monetary policy toward stimulus, but the
central bank is focusing on warding off a property bubble.
) shares got a 2.83% bump this morning as the electric car maker
will join the
(INDEXNASDAQ:NDX) index on July 15, replacing
Barnes & Noble, Inc
) fell 2.15% this morning after its CEO William Lynch suddenly
resigned last night, acknowledging that the digital Nook division
that he championed has failed to compete in the e-reader market.
) is a major stakeholder in the Nook business with a 17% stake.
) kicked off earnings season on a positive note. The aluminum giant
beat analyst expectations with a $119 million loss. Excluding
special items including a legal settlement, it earned $0.07 per
share in the second quarter. Sales fell 1.9%, but demand for
aircraft helped support revenues. Shares rose 0.6% in the
pre-market, extending Monday's gains.
Research in Motion Ltd
(BBRY), the maker of the BlackBerry smartphone, will face investors
today at its annual meeting. Sales for the quarter that ended June
1 came in below analyst estimates.
The Obama White house cut its own outlook for economic growth
yesterday blaming global headwinds such as austerity in Europe and
the budget sequester. The administration believes GDP will grow 2%
this year and 3.1% in 2014. Previously, their estimate was for 2.3%
growth. They also estimated that the current fiscal budget deficit
will shrink to $759 billion.
Disclosure: Minyanville Studios, a division of Minyanville
Media, has a business relationship with BlackBerry.