Stock Take a Breather Ahead of Big NFP Day; GoPro Tumbles
Today's financial recap and tomorrow's financial outlook.
May Factory Orders came in at -0.5%, which was in line with expectations.
The S&P 500 (INDEXSP:.INX) traded in a tight range all day and finished 0.1% higher, with the overall action looking very mixed.
The small-cap Russell 2000 (INDEXRUSSELL:RUT) and tech-heavy Nasdaq (INDEXNASDAQ:.IXIC) underperformed, as did housing and transportation.
Biotech stocks were a rare bright spot, with the iShares NASDAQ Biotechnology Index ETF (NASDAQ:IBB) up 0.5%.
The mostly negative action in economically-sensitive names indicates profit-taking ahead of the big June NFP report Thursday morning.
Online photo company Shutterfly (NASDAQ:SFLY) rose 14.9% to $50.00 after Bloomberg reported that the company may be putting itself up for sale.
On a similar note, Internet name Rackspace (NYSE:RAX) moved 6.3% higher after TechCrunch reported it could go private. Rackspace had announced in May that it retained Morgan Stanley (NYSE:MS) to explore strategic options.
Action camera company GoPro (NASDAQ:GPRO) traded down for the first time since coming public last Thursday, declining 13.9% to $42.04. At one point, the stock fell so quickly that it tripped Nasdaq circuit breakers.
Fed Chair Janet Yellen gave a lecture at an IMF conference in Washington, but it did not appear to have an impact on markets.
Tomorrow's Financial Outlook
As stated above, the big news tomorrow will be the June NFP report, which is due for release at 8:30 a.m. ET. Economists expect a 211,000 increase in nonfarm payrolls, and an unemployment rate of 6.3%.
At 10:00 a.m., the June ISM Services report will be released.
Given that today is one day ahead of the July 4 holiday, trading volumes could be light. That could make for an especially volatile NFP day.
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