Daily Commentary: July 03, 2024

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Holiday Shortened Trading Session Today

Posted by Pete Stolcers on July 03

The market will close at 1:00 PM ET today and tomorrow is a holiday

PRE-OPEN MARKET COMMENTS – The market is within striking distance of the all time high and overseas markets traded higher.

ADP showed that 150K jobs were created in June and that is slightly below expectations. Initial jobless claims have been increasing and I am expecting 150K jobs Friday. That would also be lower than expectations (198K). I don’t think this will have much of a market impact since the Fed has breathing room to ease.

Bond yields have been increasing, but the market has been able to shoulder that move. The 10-year broke below key support levels this week and the ECB said that they are not close to easing. The FOMC minutes will be released after the market close today.

ISM services will be release 30 minutes after the open. Last month the survey rebounded into expansion territory and 52.5 is expected today. That would be a good number.

We might have some action early today, but it will die down after two hours of trading.

I will be doing a live event 30 minutes after the open today and I will get into more market analysis. Click here to attend.

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