Premarket, futures are up following gains in European and Asian markets, which rose on hopes that China’s central bank will engage in further monetary policy easing. Gainers this morning include GT (+4.42%), DFS, DF, ANR and FSLR while losers include MKC (-3.37%), HPQ, DHI, TRIP and FDO.
The People’s Bank of China has injected a net Â¥365 billion ($58 billion) into money markets this week, just as China’s stock index, the Shanghai Composite, reached a three-year low. Talk that the central bank will take further easing measures next week boosted Asian markets.
European stocks are up and Asian markets ended higher.
Two days left in this third quarter.
There are no Dow stocks at new yearly highs. HPQ once again hit a new 52 week low yesterday of $16.23 but is sitting at $17.11 right now.
Americans seeking unemployment benefits plunged 26,000 last week to a seasonally adjusted 359,000, a great sign for the job market. It’s the lowest level of weekly applications in nine weeks. The four-week average, a less volatile measure, declined 4,500 to 374,000. That’s the first drop in six weeks.
The US economy grew at a 1.3 percent rate in April-June quarter, weaker than the previous estimate.
The national average price of gasoline is down one cent this morning to $3.795 per gallon.
Here’s something. Google is 14 years old today.
Earnings reports (estimates): ACN-Accenture ($0.88), NKE-Nike (1.13), DFS-Disover Financial (1.03), MKC-McCormick (-0.76), MU-Micron Technology (-0.24%), GPN-Global Payments (0.87), ATU-Actuant Corp (0.54).
0830 ET Weekly initial unemployment claims expected -7,000 to 375,000, previous -3,000 to 382,000. Weekly continuing claims expected +18,000 to 3.290 mln, previous -32,000 to 3.272 mln.
0830 ET Q2 GDP expected to be unrevised at +1.7% q/q annualized. Q2 personal consumption expected unrevised at +1.7%. Q2 GDP price index expected unrevised at +1.6%. Q2 core PCE expected unrevised at +1.8%.
0830 ET Aug durable goods orders expected -5.0% m/m, July +4.1% m/m. Aug durable goods orders ex-transportation expected +0.2% m/m, July -0.6% m/m.
0830 ET Benchmark revisions to payrolls.
0830 ET USDA weekly Net Export Sales.
1000 ET Aug pending home sales expected unchanged m/m and +14.2% y/y, July +2.4% m/m and +15.0% y/y.
1100 ET Sep Kansas City Fed manufacturing index expected 5, Aug 8.
1300 ET Treasury auction of $29 billion in 7-year T-notes.
1630 ET Weekly money supply report and Fed balance sheet.