U.S. equity market returned to negative territory for the week on Thursday,
giving back a good chunk of Wednesday's rebound effort, as investors digested
the latest tariff-related headlines and looked ahead to Friday's release of the
Employment Situation report for May. The major averages finished near the
bottom of their daily ranges, with the S&P 500 and the Dow Jones Industrial
Average dropping 0.7% and 1.0%, respectively. The tech-heavy Nasdaq Composite
showed relative strength, shedding just 0.3%, as tech names outperformed.
Today after the close the following companies were scheduled to report earnings: WDAY, VMW, COST, MRVL, YEXT, CAL, ULTA, LULU, GME, ZUO.
Futures are slightly higher after hours: S&P 500 futures are +1.0 from its fair value of 2,705 and Nasdaq100 futures are +9.25 from fair value of 6,970.
Tomorrow morning, economic reports scheduled to be released include: Nonfarm Payrolls (08:30am ET, Consensus 190K), Nonfarm Private Payrolls (08:30am ET, Consensus 177K), Unemployment Rate (08:30am ET, Consensus 3.9%), Avg. Hourly Earnings (08:30am ET, Consensus 0.3%), Average Workweek (08:30am ET, Consensus 34.5%).
Companies to report earnings tomorrow before the open: None.
Energy data summary:
The EIA released its weekly natural gas storage data and its petroleum storage data this morning.
EIA petroleum data for the week ended May 25 is as follows:
- Crude oil inventories had a draw of 4.2 mln barrels
- Gasoline Inventories has a build of 0.5 mln barrels
- Distillate Inventories had a build of 0.6 mln barrels
Meanwhile, natural gas inventory showed a build of 96 bcf for the week ending May 25 vs. a build of 91 bcf in the prior week.
- Working gas in storage was 1,725 Bcf as of Friday, May 25, 2018, according to EIA estimates. This represents a net increase of 96 Bcf from the previous week. Stocks were 788 Bcf less than last year at this time and 500 Bcf below the five-year average of 2,225 Bcf. At 1,725 Bcf, total working gas is within the five-year historical range.