The Dow Jones Industrial Average (INDEXDJX:DJI) is set to open higher, as traders look ahead to the results of June's nonfarm payrolls report. Economists are predicting an increase of 215,000 jobs, with unemployment expected to hold steady at 6.3%. The jobs number will set the tone for a holiday-shortened trading session, with U.S. markets scheduled to close at 1:00 p.m. ET in anticipation of Friday's Fourth of July festivities. Ahead of the bell, the latest report from Challenger, Gray & Christmas looks promising: The firm said job cuts fell to a year-to-date low of 31,434 in June, down 41% from May.
Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are nearly 20 points above fair value.
The Chicago Board Options Exchange (CBOE) saw 1.02 million call contracts traded on Wednesday, compared to 585,984 put contracts. The resultant single-session put/call ratio climbed to 0.57, while the 21-day moving average edged up to 0.51.
Currencies and Commodities
Earnings and Economic Data
Markets will close a few hours early today, but the economic calendar is chock-full. The Labor Department's nonfarm payrolls report will be released a day ahead of schedule due to the Fourth of July holiday, while weekly jobless claims, international trade data, and the ISM services index are also on the day's docket. No notable names are slated to report earnings.
The Case for Big Moves in IWM and QQQ
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