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Stock Take a Breather Ahead of Big NFP Day; GoPro Tumbles
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

The ADP Employment Change for June was 281,000, beating the 179,000 consensus by a wide margin. Even more impressive, it was 12% above 250,000, the highest forecast among surveyed economists.

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.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Stock Take a Breather Ahead of Big NFP Day; GoPro Tumbles
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

The ADP Employment Change for June was 281,000, beating the 179,000 consensus by a wide margin. Even more impressive, it was 12% above 250,000, the highest forecast among surveyed economists.

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.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

More From Minyanville Staff
Stock Take a Breather Ahead of Big NFP Day; GoPro Tumbles
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

The ADP Employment Change for June was 281,000, beating the 179,000 consensus by a wide margin. Even more impressive, it was 12% above 250,000, the highest forecast among surveyed economists.

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.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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