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Minyanville's T3 Morning Market Call: Expect Quiet Market Ahead of Non-Farm Payrolls


At 10:00 a.m. we will see ISM non-manufacturing data and the purchasing managers index come out.

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US stock futures are slightly higher Thursday morning ahead of weekly jobless claims and first quarter productivity. At 10:00 a.m. we will see ISM non-manufacturing and the purchasing managers index (PMI). The big report obviously comes tomorrow with the non-farm payrolls number, and we could see more sideways trading ahead of that event.

Across the pond the ECB just concluded a meeting after a dismal run of recent economic data from the continent. Decent auctions this morning from France and Spain have at least stopped the bleeding, but many feel Europe's central bank may need to take action in the not-too-distant future. Still, ECB President Mario Draghi did not announce a rate cut as the decision was revealed at 7:45 a.m. ET, keeping the key lending rate steady at 1%. European stocks held onto gains after the announcement. Gold (GLD) dropped this morning around the ECB rate decision, adding to losses after jobless claims.

General Motors (GM) headlined this morning's earnings, and is basically flat after an initial post-report price spike.

Green Mountain Coffee Roasters (GMCR) is down almost 40% this morning after lowering 2012 guidance in its earnings report last night. The company's revenue model is irreparably damaged by the expiration of its K-Cup patents, and investors are flooding out of the stock in droves.

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