July 2, 2013 -- 8:30 a.m. ET - 07/02/13
Futures are pointing to a quiet open in New York. The Dow and S&P 500 are up 0.1% on Globex while the NASDAQ trades 0.2% above fair value. Investors are optimistic heading into the opening bell after the Reserve Bank of Australia maintained their current policy measures. On our shores, economic data will also be a factor in trading. After the open, May factory orders are expected to show a 2% increase. Automobile stocks could be active in the session ahead of the June motor vehicle sales report. Shares of Ford are up 0.5% in pre-market action and General Motors is higher by 0.4%. On the earnings front, Constellation Brands is off 2.5% after the company fell short of analysts estimates in the quarter. Shares of Zynga are getting a boost this morning. The mobile game developer is up 7% on news that Microsoft executive Don Mattrick will step in as CEO of the company. In other news, Achillion Pharmaceuticals is off 21.4% after the FDA put a hold on the companys oral hepatitis C treatment, citing safety concerns. Turning to fixed income markets, Treasuries are little changed along the curve. The benchmark 10-year note is down 1/32 to yield 2.48% and the 30-year bond is up by 3/16 of a point to yield 3.47%.
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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