What to Watch Thursday: PepsiCo Earnings, ADP Employment Report

On Thursday, July 7, investors will get quarterly results from PepsiCo (PEP) - Get Report and key labor market data. Pepsi is set to report second quarter earnings before the markets open. Analysts expect profit of $1.30 a share on sales of $15.4 billion. During the same quarter a year ago, the beverage giant earned $1.32 a share on $15.9 billion in revenue. Pepsi's results tend to speak volumes about the global consumer, as just 56 percent of its revenue is U.S. driven. On the economic calendar, the ADP Employment report for June is set to be released at 8:15am Eastern. Private payrolls are expected to rise by 150,000. The ADP report tends to foreshadow the Friday June jobs report from the government. Then at 8:30am, weekly jobless claims are unveiled, which are set to rise slightly to 269,000 claims, compared to 268,000 during the prior week. TheStreet's Scott Gamm reports from Wall Street.