August 1, 2013 — 8:30 a.m. ET - 08/01/13
Stock index futures are indicating a positive start to August. S&P 500 futures are up 0.8%. The Dow and NASDAQ are both trading 0.7% above fair value on Globex. The major averages are poised to open higher following a better-than-expected update on the labor market. Weekly jobless claims unexpectedly declined to 326,000 from 345,000 in the prior period. Later this morning, projections are for the ISM manufacturing index to show activity expanded in June. Auto makers could be active in todays session ahead of the release of July vehicle sales. On the earnings front, Procter & Gamble is up 1.7% to $81.68 after its quarterly results topped analyst estimates. CBS Corp is 1.8% higher at $53.79 after the media company posted profits above consensus expectations. ExxonMobil is down 1.7% to $92.18 as it reported its first profit decline in four years. Shares of Google are gaining 0.9% to $895.64 ahead of its Motorola unit unveiling its new smartphone. European markets are higher at midsession. The FTSE is up 0.3% in London and the DAX is advancing 1.4% after the European Central Bank left its benchmark interest rate unchanged at the conclusion of its policy meeting. Asian markets advanced overnight following a better-than-expected Chinese manufacturing report. The Nikkei rallied 2.5% in Tokyo. Chinas Shanghai Composite gained 1.8% on the session. Treasuries are lower with the 10-year note down 10/32 to yield 2.62%.
Benjamin J. Chuckrow
Senior Vice President
Wells Fargo Advisors
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Saratoga Springs, NY 12866
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This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.
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