Fresh from an extended 4th of July weekend, traders and investors must re-engage the markets and their myriad questions — debt ceiling getting raised? Greek bailout? etc. — to hopefully better navigate the turbulence that has claimed the trading market all season thus far.
Earnings season kicks off next week with Alcoa (AA) posting its 2nd quarter results. In the meantime, a bevy of economic reports come down the pike in this holiday-shortened week. This morning, Factory Orders are expected to report a 1% gain for June, following a 1.2% loss the previous month.
On Wednesday, we look toward the ISM Services Index, which is expected to pull back for the June reading but remain well north of the "magic 50" level that indicates growth or contraction. Also, the ADP (ADP) Employment Survey is released Wednesday, which sets expectations for Friday’s all-important Non-Farm Payroll Employment report from the Bureau of Labor Statistics (BLS).
Weekly initial jobless claims and continuing claims will be released Thursday morning, as always. Expectations are for another slight decrease, but will likely stay well above the psychologically important 400,000 level. Year over year trends don’t look so bad, but month to month results have struggled lately.
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