The Dow futures almost flat, U.S. market news July 7th

The Dow Futures contract was almost unchanged, the S&P 500 Futures traded 3 points lower, or 0.1%, and the Nasdaq 100 Futures fell 23 points, or 0.2%.

Today’s main U.S. market news-

1. Dow futures are unchanged; the payrolls release calls for prudence
2. Jobs report is coming, Twitter threatens to remove Meta over Threads, what’s affecting markets?
3. Airbus confirms greater delivery and books record India orders.
4. Starbucks is being sued by a US labour agency over its treatment of Seattle employees.
5. Uber and DoorDash challenge the city of New York for its minimum wage law
6. Levi Strauss falls 8% after lowering its annual guidance due to economic headwinds, and analysts slash their estimates.
7. Broadcom will contribute to a $1 billion EU-funded semiconductor initiative in Spain.
8. The US economy remains robust, the dollar is stable, and nonfarm payrolls are the focus. 
9. McDonald’s removes tomatoes from its menu in India due to poor quality and rising costs.
10. Administration of Biden requests an urgent order to lift the restriction on social media firm interactions.
11. According to Bank of America, overall inflation will drop to 3.1% in June.
12. Shares of Costco decline on June’s same-store sales report, but analysts are upbeat
13. Alibaba and Huawei from China add products to the AI frenzy
14. Wall Street records significant losses as rate rise fears are stoked by the labor market’s strength.
15. US weekly jobless claims are slightly up; June saw fewer layoffs.
16. The bitcoin rise sets a new high of 13 months.
17. Shares of Alibaba increased following news of regulatory reprieve for Ant Group.
18. US audit inspections of Chinese companies begin a new wave, according to the source
19. As nonfarm payrolls data approaches, gold prices are barely moving.
20. The US economy is still robust, and the dollar is stable.
21. Investors concentrated on June US jobs data as rates increased.
22. In China, Tesla provides cash rebates on premium models.
23. Tesla begins firing some employees at its China manufacturing facility – Bloomberg News
24. Threatening to sue Meta over the Threads platform is Twitter

GLOBAL NEWS 

1. India’s markets fell at the end of trading; the Nifty 50 fell 0.85%.
2. At The Nikkei 225 index of Japan stocks fell 1.17% at the closing of trading.
3. Alibaba releases Tongyi Wanxiang, an AI picture generator, in China
4. SolarMax Technology announces a 4.5 million share IPO at $4 per share
5. Samsung Elec reports a 96% decline in Q2 profit as the chip glut persists.
6. At market close, Australian stocks were lower, with the S&P/ASX 200 down 1.69%.
7. According to the UN food organization, global food prices decreased once more in June.
8. Broadcom will contribute to a $1 billion EU-funded semiconductor initiative in Spain.
9. Airbus confirms greater delivery and books record India orders.
10. The Stellantis-LGES battery facility will receive up to C$15 billion in incentives from Canada.
11. Asian stocks decline as concerns about rate hikes before nonfarm payrolls grow.
12. Asia FX quiet amid rate rise worries and talk of interventions
13. Mixed European stock futures; cautious going into important U.S. payrolls announcement
14. On expectations for additional rate increases, gold is expected to experience its fourth consecutive weekly loss. 
15. According to a Reuters poll, the New Zealand central bank will keep rates through the remainder of the year.

Economic Data

The June ADP private payrolls report revealed an increase of +497K new jobs, significantly more than the consensus estimate of +228K and up from +267K in May (updated from +278K). The data will be released on Friday at 8:30 AM, one day before the monthly nonfarm payroll report.

Weekly Jobless Claims increased to 248K from 236K the week before (estimated at 245K), but continuing claims decreased to 1.720M from 1.733M the week before, and the insured unemployment rate remained steady at 1.2%.

The international trade deficit for goods and services shrunk to (-$69.0B) in May from (-$74.4B) in April and was lower than the (-$69.0B) expectation. This was due to an increase in the services surplus of $0.7 billion to $22.3 billion and a drop in the goods deficit of $4.8 billion to $91.3 billion. Compared to the previous month, May’s exports were $247.10 billion and imports were $316.10 billion.

ISM non-manufacturing for May shows PMI 53.9 in June, up from 50.3 in May and vs. 51.0 estimate, along with business activity index of 59.2 in June vs. 51.5 in May, prices paid index of 54.1 in June vs. 56.2 in May, new orders index of 55.5 in June vs. 52.9 in May, and employment index of 53.1 in June vs. 49.2 in May.

US JOLTS Job Openings Actual 9.824M less than consensus 9.885M and previous 10.103M.

The final composite PMI for June from S&P Global was 53.2 (compared to flash 53.0), and the final PMI for services was 54.4 (compared to flash 54.1).

Economic Calendar

•   8:30 AM ET                  Nonfarm payrolls for June
•   8:30 AM ET                  Private Payrolls for June
•   8:30 AM ET                  Manufacturing payrolls for June
•   8:30 AM ET                  Unemployment rate for June
•   8:30 AM ET                  Average Hourly Earnings for June
•   8:30 AM ET                  Average Weekly Hours for June
•   1:00 PM ET                   Baker Hughes Weekly rig count data

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