It's non-farm payroll data day! (Well, actually, its non-farm payroll data time at 8:30 a.m., and investors are eagerly awaiting the report, where consensus is at 226,000 jobs added and an unemployment rate of 5.4%).
U.S. stock index futures are pointing to a lower open as of now. The great interest rate hike debate rages on, as investors try and game when the Fed will start to hike rates, with consensus currently vacillating between September and December. A strong or weak jobs data reading today can move that target, with the Fed watching the strength of the economy to determine its timing.
Overseas stocks are struggling this morning (with the notable exception of the Shanghai composite which soared to a seven-year high today) as Greece delayed its 300 million euros ($342 million) debt repayment that was due to the International Monetary Fund today.
This is the first time that Greece has delayed a payment on the 240 billion euros loan it received. Greece has stated that it plans on repaying the debt together with an additional three other payments that are due this month in a single 1.65 billion euros payment to the IMF on June 30. It's still unclear where that money is going to come from, but negotiations between the two sides continue on potential measures and reforms Greece would make in return for cash.
And cyber criminals have stolen headlines again as the U.S. government reports that Chinese hackers have stolen as much as four million records of federal employees. We expect cyber-security firms including Growth Seeker's Fortinet (FTNT) and Verint (VRNT) will catch a bid this morning on the news.
Happy trading!
