Earnings Preview For June 30 - July 4

Perhaps a holiday-shortened week is what the market needs to declare independence from the current selling pressure. The U.S. financial markets will be closed on Friday, July 4. The NYSE and Nasdaq will close at 1 p.m. on Thursday, July 3.

June’s employment data will be released on Thursday, a day early, because of the holiday. Given that volume will be light, trading could be volatile. Therefore I would strongly caution against reading anything into the reaction to the job numbers.

The week’s key economic data will include:

• Monday: Revised June University of Michigan consumer confidence survey
• Tuesday: June ISM manufacturing survey, June auto sales, May construction spending
• Wednesday: May factory orders, weekly oil inventories
• Thursday: June unemployment and nonfarm payrolls, June ISM services index, weekly jobless claims

The earnings calendar contains just 18 companies. Within this very small group are four S&P 500 members: Apollo Group (APOL), Constellation Brands (STZ), Family Dollar (FDO) and H&R Block (HRB).

Fed Governor Frederic Mishkin is the only Fed official scheduled to speak. He will discuss the impact of the financial disruptions on the global economy at a forum in Israel.

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