By Carla Mozee, MarketWatch
U.S. stock futures edged higher Thursday, with Wall Street
watching the key U.S. jobs report for clues to the Federal
Reserve's next move before wrapping up the holiday-shortened
week.
Futures for the Dow Jones Industrial Average gained 31 points,
or 0.2%, at 17,703.00, and those for the S&P 500 Index rose 4.4
points, or 0.2%, to 2,075.00. Futures for the Nasdaq 100 picked up
10.50 points, or 0.2%, at 4,432.25.
U.S. markets on Wednesday were partly bolstered
(http://www.marketwatch.com/story/us-stock-futures-rally-as-greece-appears-ready-to-accept-bailout-terms-2015-07-01)
by a stronger-than-expected reading on jobs growth in the private
sector
(http://www.marketwatch.com/story/private-hiring-hits-fastest-pace-in-six-months-2015-07-01).
The S&P 500 rose 0.7% and the Dow Jones Industrial Average
jumped 138.40 points, or 0.8%, to 17,757.91. The Nasdaq Composite
picked up 0.7%. Each index, however, was still down about 1% for
the week to date.
Developments in Greece's debt crisis were also on investors'
radar Wednesday and are expected to stay there, as Athens presses
ahead with Sunday's bailout referendum
(http://www.marketwatch.com/story/varoufakis-greece-will-sign-deal-on-offer-if-yes-wins-referendum-2015-07-02).
Financial markets will be closed on Friday
(http://www.marketwatch.com/story/which-markets-are-closed-for-us-independence-day-2015-07-01)
to observe the Independence Day holiday, which means the June
nonfarm-payrolls report will be released by the Labor Department on
Thursday, at 8:30 a.m. Eastern Time. Economists polled by
MarketWatch forecast a 225,000 gain and a drop in the unemployment
rate to 5.4% from 5.5%. See: Five things to watch in June's jobs
report
(http://www.marketwatch.com/story/five-things-to-watch-in-june-jobs-report-2015-07-01)
"The monster number from last months' jobs report is still fresh
in traders' minds, and as we enter the second half of the year, the
thought of an interest-rate hike from the Fed draws nearer," said
David Madden, market analyst at IG , in a note Thursday.
Policy makers will zero in on the wage-growth figure, according
to Nour Al-Hammoury, chief market strategist at ADS Securities. "If
this disappoints, this would decrease the chances of a rate hike by
the Fed in September," he said in a note. In May, the average
hourly pay of U.S. workers rose to a 2.3% annual pace, matching the
fastest rate since 2010.
Data: Also coming is the government's reading on weekly jobless
claims, due at 8:30 a.m. Eastern Time. The Commerce Department's
figures on factory orders for May are scheduled for release at 10
a.m. Eastern.
Corporates: International Speedway Corp. (ISCA) is expected to
report fiscal second-quarter earnings of 40 cents a share on
revenue of $172.5 million, according to analysts surveyed by
FactSet.
Centene (CNC) has agreed to buy Health Net (HNT) in a
cash-and-stock deal worth $6.8 billion.
Xoom Corp. (XOOM) is expected to see active trade. Shares
rallied
(http://www.marketwatch.com/story/xoom-shares-rally-on-paypal-acquisition-deal-2015-07-01)
late Wednesday after the digital payments company received a buyout
bid from Paypal Inc. (EBAY)
Progress Software Corp. (PRGS) surged Wednesday evening after
the business-software company raised its outlook for the year
following better-than-expected earnings.
Shares in General Electric Co. (GE) may see movement after the
U.S. Department of Justice filed a lawsuit
(http://www.marketwatch.com/story/doj-sues-to-block-electrolux-ge-appliances-deal-2015-07-01)
to block Electrolux AB (ELUXY) (ELUXY) from acquiring its appliance
business.
Other markets: European stocks turned slightly lower after
comments from Greece's finance minister on the debt crisis.
Overnight in Asia, Chinese shares
(http://www.marketwatch.com/story/china-shares-slide-as-beijings-moves-to-calm-markets-fall-short-2015-07-02)
continued their slide, leaving the Shanghai Composite down 3.4%.
The dollar pared gains it notched Wednesday when it was pushed
higher on the upbeat economic data
(http://www.marketwatch.com/story/dollar-rises-ahead-of-adp-employment-report-2015-07-01).
Oil futures were holding to thin gains, while gold futures
slipped.
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