What To Expect From The Jobs Report
The market is lower on
higher oil and investor caution ahead of tomorrow’s economic report.
The Russian government revoked a permit that would have allowed oil company
Yukos to use its bank accounts to finance operations; just yesterday permission
was granted. July retail same store sales met expectations for the most part.
Seventeen IPOs were scheduled this wee,Â
4 were postponed, 1 was withdrawn.  Â
For the jobs report scheduled tomorrow,
economists polled expect 230,000 jobs added, with unemployment at 5.6 percent.
| Dow | -82.37 | 10044.14 |
| S&P 500 | -9.78 | 1088.85 |
| Nasdaq | -17.50 | 1837.56 |
Weak today are: Airlines
(
XAL.X |
Quote |
Chart |
News |
PowerRating)
-3.26% Internet
(
GIN.X |
Quote |
Chart |
News |
PowerRating) -2.11%, , Retail
(
RLX.X |
Quote |
Chart |
News |
PowerRating) -2.09%.
10-year Notes are +110 at 111 115
The dollar
is +0.02 at 89.70
Gold is -0.70 at 391.90
Crude Oil is +1.27 at
44.10
Volume is 667 million on
the NYSE and 773 million on the Nasdaq.
Market breadth is negative.
| NYSE | Issues | |
| Advancing | 985 | Up Vol 148 |
| Declining | 2112 | Down Vol 468 |
| Ratio | 2.14 | 3.16 |
| Nasdaq |
||
| Advancing | 960 | Up Vol 196 |
| Declining | 1920 | Down Vol 509 |
| Ratio | 2.00 | 2.59 |
Stocks in the news:
Wal-Mart saw July growth +3.2%, Nordstrom,
+6.1%, Target same store sales rose 3.8%, Target +9%, Gap (GPS) -5%.
Virgin Atlantic chose Airbus over
Boeing in a deal for 26 aircraft worth $5 billion.
Pier One Imports (PIR) said Q2 would miss.
Toll Brothers (TOL) said it should see 20%
growth in 2005.
Peoplesoft (PSFT) announced a $50 million
contract with Mexico, the largest in the company’s history.
Northrup Grumman (NOC) won a $2.1 billion
contract from the UK Royal Air Force.
Sara Lee (SLE) beat by a penny.
JetBlue (JBLU) plans to build a new
terminal at JFK — cost: $850 million; construction will begin next year.
Brice Wightman