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August 1 Premarket Briefing: 10 Things You Should Know

NEW YORK (TheStreet) -- Here are 10 things you should know for Friday, Aug. 1:

1. -- U.S. stock futures continued their downward slump from Thursday, as investors looked eagerly to the nonfarm jobs report to be released today and to the conclusion of a major earnings week.

European stocks were sinking, depressed by soft manufacturing numbers in the eurozone, stronger sanctions against Russia and fears of a hike in U.S. interest rates.

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2. -- The economic calendar in the U.S. on Friday is dominated by the nonfarm payrolls report, which reflects the state of the economy and the GDP. The report appears at 8:30 a.m.

3. -- U.S. stocks on Thursday dropped precipitously as mixed earnings reports, concerns about the health of the European economy and financial sector and the wait for Friday's big nonfarm payrolls report rocked the global markets. The VIX "fear gauge" was spiking more than 27% to 16.98.

The Dow Jones Industrial Average (DIA) closed down 1.88% to 16,563.30. The S&P 500 (SPY) sank 2% to 1,930.67. The Nasdaq (QQQ) sank 2.09% to 4,369.77. The Dow is now in the red for the year.

4. -- The World Trade Organization failed to hammer out a global customs agreement with its 160 member nations late Thursday. The deal would have been the first reform of world trade rules since the WTO's founding 19 years ago. India blocked the agreement, saying it disagreed with the treaty's policy on food stockpiling.

The WTO treaty reform was approved in December's meeting in Bali, Indonesia, but last-minute complaints from India derailed the July 31 ratification deadline. The deal would have added $1 trillion and 21 million jobs to the economy, some said.

The next step in the process is unclear, as some countries have called for ratification of the treaty without India, and others have refused to continue without India's agreement. 

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5. -- Iliad (ILIAY), the French budget mobile-phone company, made a $15 billion bid to buy a 56.6% stake in T-Mobile (TMUS - Get Report). Iliad would likely need $12 billion in debt to finance the move. Investors asked whether Iliad chief Xavier Niel could really find $10 billion in synergies to make the deal worthwhile.

T-Mobile stock was up 2.3% in premarket trading, to $33.69 after a close Thursday at $32.94. The stock is down 2.1% year to date but up 36.3% for the past 52 weeks.

6. -- Markets continued to parse the Argentina debt default news from Thursday. The default is the second for the South American nation in 13 years -- but it was not prompted by insolvency. Instead, a U.S. judge ordered the bond payment to be held in a bank instead of paid, as U.S. hedge-funders sought to recoup the money as payment for defaulted bonds from 2001. The next step may be currency devaluation.

Argentina's stocks dropped more than 8% after the missed debt payment. 

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