Fed Reports Today: Market Happenings for Wednesday, August 01, 2012

Premarket, futures are up with the Fed set to report at about 2:15 pm ET today. Gainers this morning include LH (+12.72%), GNW, ALL, DGX and PSX while losers include AMT (-4.49%), BMC, MA, AVP and V.

The Market

Personally I see no reason for Fed action today. They will probably just hint at future action when and if needed.

According to payroll-processor ADP, U.S. private-sector employers add 163,000 jobs in July. Economists had expected an addition of 125,000 jobs.

European stocks were mixed in afternoon trading and Asian markets ended mixed.

The national average price of gasoline is up 2.1 cents today to $3.521 per gallon.

KFT reports earnings 8/2/2012 after the market close.

PG reports earnings 8/3/2012 before the market open.

DIS reports earnings on 8/7/2012 after the market close.

HD reports earnings 8/14/2012 before the market open.

CSCO reports earnings 8/15/2012 after the market close.

HPQ reports earnings on 8/22/2012 after the market close.

Earnings Reports

Earnings reports: CMCSA-Comcast (Consensus $0.48), MA-Mastercard (5.58), EPD-Enterprise Products Partners LP (0.58), TWX-Time Warner (0.58), EXC-Exelon (0.63), MET-MetLife (1.24), D-Dominion Resources (0.60), AMT-American Tower (0.42), ADP-Automaic Data Processing (0.53), AGN-Allergan (1.06), DVN-Devon Energy (0.82), PSX-Phillips 66 (1.78), PRU-Prudential Financial (1.54), WMB-Williams Cos. (0.25), MRO-Marathon Oil (0.59), GGP-General Growth Properties (-0.03).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +0.9% with purchase sub-index -3.2%, refi sub-index +1.8%.

0815 ET July ADP employment change expected +120,000, June +176,000.

0900 ET Treasury announcement of quarterly refunding.

1000 ET July ISM manufacturing index expected +0.5 to 50.2, June -3.8 to 49.7. July ISM prices-paid sub-index expected +3.0 to 40.0, June -10.5 to 37.0.

1000 ET June construction spending expected +0.4% m/m, May +0.9% m/m.

1030 ET DOE Weekly Petroleum Status Report.

1415 ET FOMC meeting decision. Federal funds rate target range expected unchanged at zero to 0.25%.

1700 ET July total vehicle sales expected 14.00 mln, June 14.05 mln. July domestic vehicle sales expected 11.00 mln, June 11.05 mln.

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