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It is still early but the major US stock indices are opening lower. After sharp rises in July, the major indices are now down for the 2nd consecutive day.
A snapshot of the market currently shows:
- Dow industrial average -200 points -0.61% at 32593.62
- S&P index is down -17 points at -0.43% at 4101.06
- NASDAQ index is down -50 points or -0.39% at 12320.41
- Russell 2000 is down -1.93 points or -0.1% at 1881.04
In other markets:
- spot gold is up $10.52 or 0.59% at 1781.83.
- Spot silver is unchanged at $20.32
- crude oil is trading up $0.71 and $94.62
- Bitcoin is trading down at $22,807
In the US debt market yields are mixed with the shorter end higher in the long end tilting more to the downside
- 2 year 2.896%, +2.0 basis points
- 5 year 2.654%, +1.7 basis points
- 10 year 2.58% unchanged
- 30 year 2.90% -1.7 basis points
The US JOLTs report for June will be released at the top of the hour, with expectations 11.00 million vs. 11.254 million last month. Later this week the US nonfarm payroll is expected to show a 250K rise in jobs.
What about the ADP employment estimate?
It has gone in the shop for repairs. As per ADP:
“ADP Research Institute (ADPRI) and the Stanford Digital Economy Lab (the “Lab”) announced they will retool the ADP National Employment Report (NER) methodology to provide a more robust, high-frequency view of the labor market and trajectory of economic growth. In preparation for the changeover to the new report and methodology, ADPRI will pause issuing the current report and has targeted August 31, 2022, to reintroduce the ADP National Employment Report in collaboration with the Stanford Digital Economy Lab (the “Lab”).”