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U.S. stock futures dip on jobs data

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U.S. stock futures dip on jobs data

por Figas » 1/8/2003 14:26

CBS MarketWatch
U.S. stock futures dip on jobs data
Friday August 1, 8:50 am ET
By Julie Rannazzisi


NEW YORK (CBS.MW) -- U.S. stock futures lost ground Friday and Treasurys extended losses as investors sifted through a report that revealed more jobs were lost last month.
In the futures pits, the September S&P 500 contract lost 4.50 points, or 0.4 percent, and the Nasdaq 100 contract declined 7.50 points, or 0.6 percent.

Nonfarm payrolls continued to decline, with 44,000 positions lost in July compared with economists' projections for a 13,000 increase.

The unemployment rate dipped to 6.2 percent in July, down from June's 6.4 percent reading and less than the 6.4 percent that had been expected by economists.

In other economic news, June personal income rose by an as-expected 0.3 percent and consumer spending also gained 0.3 percent, less than the 0.5 percent increase that had been expected.

Meanwhile, the closely watched manufacturing index from the Institute of Supply Management, to be released at 10 a.m. ET, is expected to come in at 51.8 percent in July, up modestly from the previous month. Readings above the 50 percent mark denote an expanding factory sector while readings below that level signal contraction.

June construction spending is also due out, with expectations that it increased by 0.5 percent.

Challenging month to begin
One of the worst months for the market is about to commence. The closely followed Stock Trader's Almanac notes that August has become the worst month for the Dow Industrials and the broader S&P 500 over the past 15 years and the third worst month for the Nasdaq.

In the meantime, equities continued to see inflows.

Trim Tabs estimated that all equity funds witnessed inflows of $600 million over the week ended July 30 compared with inflows of $4.1 billion in the prior week. And equity funds that invest primarily in U.S. stocks saw inflows of $1.2 billion versus inflows of $3.2 billion during the prior week.

More Treasury dumping
Treasurys continued to take it on the chin, unable to derive solace from the drop in nonfarm payrolls on Friday. Most of the latest economic reports have been better than expected, spooking a bond market that has come off of a mammoth spring rally.

In recent exchanges, the 10-year Treasury note was off 26/32 to yield (CBOE^TNXNews) 4.51 percent while the 30-year government bond tumbled 24/32 to yield (CBOE^TYXNews) 5.41 percent.

In currencies, the U.S. dollar was down 0.1 percent to 120.42 yen while the euro dipped 0.5 percent to $1.1189.
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