Good Morning Sonny,
Futures are looking ok for the opening. Hoping that the daily loosing streak will come to an end.
Thursday July 30, 8:54 am Eastern Time
U.S. stocks seen firmer, focus on new wage data
By Marjorie Olster
NEW YORK, July 30 (Reuters) - U.S. stocks were set to open higher Thursday, but a key report on wages, due before the open, could change the market's course.
September S&P stock futures were up 5.20 points on Globex at 0800 EDT/1200 GMT,
indicating a bounce at the open. But the second quarter Employment Cost Index (ECI), due at
0830 EDT, is expected to set the tone for the morning.
''It is one of the most important indicators that the Fed looks at,'' said Peter Cardillo, director of
research at Westfalia Investments.
''If it is at or below consensus, we can probably see the market rally,'' he said.
The ECI is considered the most comprehensive measure of labor costs, and Federal Reserve
Chairman Alan Greenspan has said in the past that he pays close attention to it.
The report will be scrutinized for signs that the low rate of U.S. unemployment is producing
wage inflation.
Have a good day
Best Regards
frank |
