Market Happenings For Thursday, January 03, 2012

Premarket, futures are down. Gainers this morning include GPS (+5.20%), FTR, DLTR, NFLX and JWN while losers include FDO (-9.04%), LTD, LRCX, LSI and DG.

The Market

According to ADP, the U.S. private sector added 215,000 jobs in December, and according to the government, first-time jobless claims rose 10,000 to 372,000 in the latest week.

Tomorrow we get the Jobs report where economists are expecting the report to show modest job growth continued in December, with employers adding 150,000 jobs. In November, employers added 146,000 jobs and the unemployment rate fell to 7.7% as workers dropped out of the labor force.

Today we get the minutes from the Federal Reserve’s policy meeting in December where the Fed announced plans to expand its controversial stimulus program. The Fed also forecast then, that it will keep accommodative policies in place until the unemployment rate falls to 6.5% or inflation exceeds 2.5% a year.

European markets are mixed and Asian markets ended mostly higher.

The national average price of gasoline is up one-tenth of a cent to $3.292 per gallon.

Next week Dow stocks kick off the earnings season with Alcoa (AA) reporting on 01/08/13.

Earnings Reports

Earnings reports (estimates): FDO-Family Dollar ($0.75), WOR-Worthington Industries (0.41).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous -12.3% with purchase index -4.8% and refi index -13.8%.

0730 ET Dec Challenger job cuts, Nov +34.4% y/y.

0815 ET Dec ADP employment change expected +140,000, Nov +118,000.

0830 ET Weekly initial unemployment claims expected +10,000 to 360,000, previous -12,000 to 350,000. Weekly continuing claims expected +39,000, previous -32,000 to 3.206 mln.

0900 ET Treasury announces 3, 10, and 30-year auctions for Jan 8-10.

0945 ET Dec ISM New York, Nov 52.5.

1030 ET DOE Weekly Petroleum Status Report.

1400 ET FOMC Dec 11-12 meeting minutes.

1700 ET Dec total vehicle sales expected 15.25 mln, Nov 15.46 mln. Dec domestic vehicle sales expected 11.75 mln, Nov 12.01 mln.

n/a House Republicans vote for position of Speaker of the House.

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