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Dow Jones Industrial Average Cautiously Higher Ahead of Holiday

The June payrolls report will set the tone for today's shortened session

by 7/3/2014 8:10:12 AM
Stocks quoted in this article:

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.

  • Bullish options traders bet on Tesla Motors Inc (NASDAQ:TSLA) to rally ahead of the Fourth of July holiday.
  • Buyout buzz sent Shutterfly, Inc. (NASDAQ:SFLY) shares to a 14.9% gain on Wednesday -- and short sellers rushing to hedge their bets.
  • In case you missed it, Schaeffer's Quantitative Analyst Chris Prybal looked back over summers past to find some of the best and worst stocks for the month of July.
Plus, our Trading Topic of the Week -- Ways to Win with Aggressive Trades: Keep holding periods brief. This is one scenario where patience isn't a virtue -- to preserve capital, act quickly to shut down underperforming trades.

And now, on to the numbers...

Dow Jones Industrial Average, S&P and Nasdaq futures

Futures on the Dow Jones Industrial Average (INDEXDJX:.DJI) are nearly 20 points above fair value.

Market Statistics

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.

NYSE and Nasdaq summary

Volatility indices

Currencies and Commodities

  • The U.S. dollar index has crept higher this morning, up 0.1% at 80.05.
  • Crude oil is backpedaling in pre-market action, down 0.7% at $103.77 per barrel.
  • Gold futures are also pointed south, off 0.8% at $1,320 an ounce.
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.

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