Morning Briefing: 10 Things You Should Know
NEW YORK (TheStreet) -- Here are 10 things you should know for Friday, July 5:
1. The
economic calendar in the U.S. Friday
Bureau of Labor Statistics will release the monthly employment situation at 8:30 a.m. ET as economists polled by
Thomson Reuters
anticipate nonfarm payrolls to add 165,000 jobs.
Last month's report showed payrolls add 175,000.
2. U.S. stock futures were moving higher. Futures for the
S&P 500
were gaining 14 points, or 0.89%, to 1623.25. Futures for the
Dow Jones Industrial Average
were boosting 134 points, or 0.9%, to 15,050.
Nasdaq
futures were rising 28 points, or 0.95% to 2964.50.
3. The U.S. is reacting cautiously to the overthrow of Egypt's elected President Mohammed Morsi Wednesday. President Obama issued a statement Thursday calling for a quick, peaceful return to democracy and saying the administration was monitoring the situation and in touch with leadership in Egypt and the region.
4. The European Central Bank has taken the unusual step of committing to keep interest rates low "for an extended period of time." The refinancing rate for the 17 European Union countries that use the euro was left unchanged Thursday at 0.5%.
5.
Samsung Electronics
was facing further analyst downgrades Friday as the world's largest smart-phone manufacturer missed second-quarter earnings expectations, largely on less-than-expected sales of its flagship Galaxy S4 handset.
6. Gold prices fell in the London session Friday as the dollar strengthened. Gold remains up 2.7% for the week.
7. After a days long political crisis, Portugal's Prime Minister Pedro Passos Coelho has said he had reached an agreement for the formation of a coalition to keep his government from collapsing. Widespread dissatisfaction with austerity measures have contributed to the fractures among the country's leadership.
8. Standard and Poor's downgraded
Nokia's
(NOK) - Get Report
credit rating, following the company's decision to buy out
Siemens
stake in a joint venture
Nokia Siemens Networks
for $2.2 billion.
9. The International Monetary Fund has agreed to a $5.3 billion loan for Pakistan to help stabilize the country's economy. The government offered a "very robust reform" agenda, according to
Bloomberg
reports.
10. An accident at a holiday fireworks display in Simi Valley outside of Los Angeles injured at least 28 people, according to media reports.
-- Written by Carlton Wilkinson