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Futures Point Higher Friday; July Jobs Report Due, Block Falls

Friday, August 05, 2022 08:20 AM | Nick Dey

First Look

Futures are pointed slightly higher Friday morning ahead of the July jobs report. Cryptos are rallying, with Ethereum surging 5.5%. Nonfarm payrolls are expected to have added 250,000 jobs in July, slowing from June's addition of 372,000 jobs. The unemployment rate is expected to remain steady at 3.6%. Block (SQ) is down 6.35% in pre-market trading despite edging out earnings and revenue estimates as the company reported a 34% drop in Bitcoin revenue on Cashapp and missed gross payment volume estimates. Lastly, Virgin Galactic (SPCE) is down 15.51% after posting a wider-than-expected loss per share and delaying its launch to the second quarter of 2023. The Dow Jones is up 0.21%, the S&P is up 0.12%, the Nasdaq is up 0.05%.

Today's Sentiment

Neutral

Quote of the Day

This is your moment. You're meant to be here.
Herb Brooks

Daily Action Trade

Stocks on the Move

Higher

  • Corteva Inc (CTVA)
  • EOG Resources Inc (EOG)
  • Stanley Black & Decker, Inc. (SWK)
  • Freeport-McMoRan Inc (FCX)
  • NextEra Energy Inc (NEE)

Lower

  • Organon & Co (OGN)
  • Vornado Realty Trust (VNO)
  • Capital One Financial Corp. (COF)
  • Lumen Technologies Inc (LUMN)
  • EPAM Systems Inc (EPAM)

Upgrades & Downgrades

Upgrades

  • Deciphera Pharmaceuticals Inc (DCPH)
  • Kellogg Company (K)
  • Teva Pharmaceutical Industries Ltd (TEVA)
  • Fox Factory Holding Corp (FOXF)
  • Rhythm Pharmaceuticals Inc (RYTM)
  • ATI Inc (ATI)

Downgrades

  • Twilio Inc (TWLO)
  • Twitter Inc (TWTR)
  • Mdu Resources Group Inc (MDU)
  • Installed Building Products Inc (IBP)
  • Paramount Global Class B (PARA)
  • BioCryst Pharmaceuticals Inc (BCRX)

International Markets

Stocks in Asia are up. The Shanghai SE Composite Index is up 1.19%, the Nikkei 225 is up 0.87%, the Australia ASX All Ordinaries is up 0.59% the Mumbai Sensex is up 0.15% and the Hang Seng is up 0.14%. In Europe stocks are mixed. The DAX is up 0.11%, the FTSE 100 is down -0.09%, the Euro Stoxx 50 is down -0.21% and the CAC 40 is down -0.35%.

Futures & Currencies

Energy futures are down today. The price for West Texas Intermediate crude oil is down -0.51 at 88.03 per barrel. Brent crude is down -0.36 at 93.76 per barrel. Natural Gas is down -0.12 at 8. Precious metals are mixed this morning. Gold is down -3.17 at 1788.11 per ounce. Platinum is up 13.16 at 944.39 while silver is down -0.07 at 20.05. The dollar is up compared to the major currencies today. The greenback is up against the euro, up against the Yen and up against the Pound. Bitcoin is up 1.99% to $23,395.93 while Ethereum is up 5.83% to $1,716.07.

Put/Call Ratio

Yesterday, 1,655,329 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 916,851 put contracts. The single-session put/call ratio was 0.55.

Today's Economic Calendar

No. What's Happening? Period Release Time
1 Avg. Hourly Earnings Jul 08:30 ET
2 Nonfarm Payrolls Jul 08:30 ET
3 Unemployment Rate Jul 08:30 ET

Earnings Expected Today

ACMR, ADNT, AMRX, ASIX, BBU, CNK, CNTY, DPSGY, EAF, ESNT, FLR, JOUT, OCGN, PAYA, PRLB, SHCAY, TILE, TIXT, VST, WAB

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