U.S. stock futures index moved from flat to fractionally lower after the jobs and employment report came in as 'not-so-good' again.
The Labor Department reported the U.S. economy added 215,000 jobs in July, below the 223,00 Wall Street anticipated. As expected, the unemployment rate and the labor force participation remained at 5.3% and 62.6% respectively.
Markets are expected to open lower and continue to slide down until mid morning where there may be a modest recovery by the afternoon session.
Here is the current market situation from CNN Money
European markets are mixed. The CAC 40 is higher by 1.12%, while the DAX is leading the FTSE 100 lower. They are down 0.38% and 0.29% respectively.
This brief post will serve as the coup de grace for our "Junkie Market" series. By that, we are referring to days on which there are numerous (in this case, at least 100) new 52-Week Highs AND 52-Week Lows. We have covered such occurrences on the NYSE and the Nasdaq exchanges. If you'll recall, these events tended to pop up near cyclical market tops. Thus, the forward returns in the averages were very poor, especially in the longer-term. Inspired by yesterday's occurrence, today's Chart Of The Day looks at days on which there were at least 100 New Highs and Lows on both the NYSE AND Nasdaq.
As you might expect, the timing of these dates was not too auspicious. They were primarily concentrated around the 1998 intermediate-term top and the 2000 and 2007 cyclical tops. Additionally, there have now been 7 occurrences in the past 7 months. Judging by the historical performance in the S&P 500, this is a bit of a concern for market participants.
It is not necessarily the death knell for the bull market. There have been occasions after which the S&P 500 far ...
-- this post authored by James Narron and Don Morgan
On the crisp morning of January 24, 1848, James Marshall, a carpenter in the employ of John Sutter, traveled up the American River to inspect a lumber mill that Sutter had ordered constructed close to timber sources. Marshall arrived to find that overnight rains had washed away some of the tailrace the crew had been digging. But as Marshall examined the channel, something shiny caught his eye, and as he bent over to retrieve the object, his heart began to pound. Gold! Marshall and Sutter tried to contain the secret, but rumors soon spread to Monterey, San Francisco, and beyond - and the rush was on. In this edition of Crisis Chronicles, we describe the excitement of the California Gold Rush and explain how it constituted an inflationary shock because the United States was tied to the gold standard at the time.
BRUSSELS (Reuters) - Senior EU officials will confer by telephone late on Friday on progress in negotiations between Greece and its international creditors on a third bailout for the near-bankrupt euro zone country with Germany reported to be warning against haste.
NEW YORK (Reuters) - Armed with a doctorate in financial engineering, 34-year-old Timo Schlaefer was on his way toÂ a promising career at Goldman Sachs in London. Previously with the bank's mergers and acquisitions team, he became an executive director of credit quantitative modeling at Goldman, where quants like Schlaefer are highly valued.
BERLIN (Reuters) - Germany's Finance Ministry favors a bridge loan for Greece to give Athens and its creditors sufficient time to negotiate a comprehensive third bailout, the Sueddeutsche Zeitung daily reported on Friday.
HOUSTON (Reuters) - Business is so tough for oilfield giants Schlumberger NV and Halliburton Co that they have come up with a new sales pitch for crude producers halting work in the worst downturn in years. It amounts to this: "frack now and pay later."
For brokerage firm International Technology Group, a trading pilot program around its dark pool that executives believed would boost the firm's revenue has turned into an albatross that has created financial and regulatory problems.
Pakistan's current debt burden has placed their economy in a very delicate situation. The government of Pakistan has borrowed almost $950 million from banks in the past one year. Pakistan is highly relying on it domestic debt which is adversely affecting the fiscal outlook of the country resulting in very little fiscal stability.
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