Draghi Speaks: Market Happenings for Thursday, September 06, 2012

Premarket, futurres are up on Draghi’s speech. Gainers this morning include SHLD (+5.45%), SNDK , MU, KEY and GNW while losers include WAG (-4.18%), STX, NEE, CLF and AIG.

The Market

Draghi is speaking as I write. He is outlining the unlimited purchase of bonds.

Payroll provider ADP says businesses added 201,000 jobs in August, the most reported by the survey since March. ADP also said July job growth was stronger than first thought, with employers creating 173,000 jobs, 10,000 more jobs than the group reported last month.

Initial claims for state unemployment benefits dropped 12,000 to a seasonally adjusted 365,000, its lowest level in a month. It was the first drop in new claims since the week that ended August 4 and the lowest level since then too. Economists had forecast claims dipping to 370,000 last week. The prior week’s figure was revised up to show 3,000 more applications than previously reported. However, the four-week moving average for new claims, a better measure of labor market trends, edged up to 371,250.

European stocks were higher and Asian markets ended higher.

Earnings Reports

Earnings reports (estimates): ULTA-Ulta Salon Cosmetics ($0.51), COO-Cooper (1.29), UTIW-UTI Worldwide (0.23), NAV-Navistar (-1.41).

Financial Calendar

0730 ET Aug Challenger job cuts, July -44.5% y/y.

0815 ET Aug ADP employment change expected +145,000, July +163,000.

0830 ET Weekly initial unemployment claims expected -4,000 to 370,000, previous unch at 374,000. Weekly continuing claims expected -1,000 to 3.315 million, previous -5,000 to 3.316 mln.

1000 ET Aug ISM non-manufacturing index expected -0.1 to 52.5, July +0.5 to 52.6.

1030 ET DOE Weekly Petroleum Status Report.

1100 ET Treasury announces amounts of 3-year T-notes (previous $32 billion), 10-year T-notes (previous $24 billion) and 30-year T-bonds (previous $16 billion) to be auctioned Sep 11-13.

1630 ET Weekly money supply report and Fed balance sheet.

n/a Aug ICSC chain store sales, July +1.9% y/y.

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