US stock futures are set for a mixed opening ahead of the US ADP Nonfarm Employment Change for July. Futures tied to the tech-heavy Nasdaq 100 index were at a standstill. S&P 500 futures were almost unchanged, albeit declined 7 points. Futures contracts tied to the Dow Jones Industrial Average index edged 68 points lower.
US Market Concerns
The ADP Nonfarm Employment Change for July is scheduled for release later today. Economists expect the number of employed people to increase to 695,000, up from 692,000. Despite the robust spread of coronavirus infections, private payrolls are expected to increase, signaling a rise in inflation.
The Markit Composite Purchasing Managers Index (PMI) will be released later in the day. The services PMI for July is also due for release. Both indexes are expected to maintain their previous performances.
The ISM Non-manufacturing PMI for July is expected to advance to 60.5 from the previous 60.1. The data is to be published at 17:00 (GMT +3:00) on Wednesday. This will be a day after the release of the ISM Manufacturing PMI that came in lower at 59.5.
US Treasury yields rose slightly ahead of the employment change data for July. The yield on the benchmark 10-year Treasury note was up at 1.182%. The yield on the 30-year Treasury bond rose to 1.854%.
Oil prices inched slightly higher after starting the day in negative territory. US West Texas Intermediate (WTI) crude advanced 0.14% to $70.67 per barrel. Brent crude increased 0.46% to trade at $72.76 per barrel.
The US weekly initial jobless claims data will be released on Thursday. Economists polled by Dow Jones expect the numbers to decline from 400,000 to 384,000.
Nasdaq 100 Movers
Activision Blizzard Inc was the best performer in the Nasdaq 100 premarket trade. The video game holding company gained 5.47% in its stock earnings. Blizzard President, J. Allen Brack stepped down as the company faces a lawsuit of alleged sexual discrimination and harassment. The company’s human resource executive, Jesse Meschuk also left the company.
Dollar Tree Inc advanced more than 1.91% ahead of its quarterly earnings report. The discount store company is expected to publish its second-quarter earnings report on August 26th. Analysts expect the company’s full-year sales to come in at $26.38 billion and $6.44 billion in sales in Q2.
On the flip side, Nvidia Corporation led the laggards in the Nasdaq 100 index. Nvidia is an American multinational technology company. It designs graphics processing units, as well as systems on chip units for mobile computing and the automotive market.
Qualcomm edged lower in premarket trading. The semiconductor company has been in the red since Google announced that it would start building its own smartphone processor. In this case, Google will be abandoning Qualcomm.