Dow Jones Futures Slip 108 Points Thursday Despite 4% Economic Growth

U.S. markets failed to rally Thursday morning despite news earlier this week that the U.S. economy grew by 4% in the second quarter. Dow Jones futures slipped 108 points (-0.64%), S&P futures were down 13.25 points (-0.67%), and Nasdaq futures were down 29.50 points (-0.74%).

News that weekly jobless claims rose to 302,000 are placing a drag on U.S. stock futures. With concerns about the labor market on the rise from investors and the Federal Reserve, all eyes will be on the U.S. employment report, set for release Friday morning.

Here's a roundup of the top stories to watch in the stock market today:

  • dow jones futuresDollar Devaluation: The nation of Argentina defaulted on bonds for the second time in 13 years last night, after the country was unable to obtain more time from a U.S. court or reach an agreement with bondholders by midnight last night. The markets seemed to have prepared for the event, which will reduce already non-existent credit for Argentine companies in the debt-strapped nation. The likely next step will be a further devaluation of the nation's currency.
  • Today's Economic Calendar: Today's schedule includes 419 companies reporting earnings, the EIA Natural Gas Report, U.S. jobless claims, the Fed balance sheet, and farm prices in the afternoon.
  • Earnings Reports: Stay tuned for earnings reports from Tesla Motors Inc. (Nasdaq: TSLA), Exxon Mobil Corp. (NYSE: XOM), Bunge Ltd. (NYSE: BG), ConocoPhillips (NYSE: COP), MasterCard Inc. (NYSE: MA), Occidental Petroleum Corp. (NYSE: OXY), Enterprise Products Partners L.P. (NYSE: EPD), Colgate-Palmolive Co. (NYSE: CL), DIRECTV (Nasdaq: DTV), Time Warner Cable Inc. (NYSE: TWC), Valeant Pharmaceuticals International Inc. (NYSE: VRX), and Kodiak Oil & Gas Corp. (NYSE: KOG).

Full U.S. Economic Calendar July 31, 2014 (NYSE: all times EDT)

  • Challenger Job-Cut Report at 7:30 a.m.
  • Gallup US Payroll to Population at 8:30 a.m.
  • Jobless Claims at 8:30 a.m.
  • Employment Cost Index at 8:30 a.m.
  • Chicago PMI at 9:45 a.m.
  • EIA Natural Gas Report at 10:30 a.m.
  • 3-Month Bill Announcement at 11 a.m.
  • 6-Month Bill Announcement at 11 a.m.
  • Farm Prices at 3 p.m.
  • Fed Balance Sheet at 4:30 p.m.
  • Money Supply at 4:30 p.m.

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About the Author

Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.

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