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The Morning Look

ByGary Kaltbaum

Market Update:

Stock futures are lower before Thursday’s open as traders wait for Friday’s  jobs report.

Gary’s Thoughts: Futures down just a bit but Macys yonked…Kohls yonked, LB, JWN, JCP and other big retailers smacked….big retailers continue to lag. We suspect there will be many more store closings in the years ahead. Macys just announced a bunch.

Economic Calendar:

  • Weekly Bill Settlement
  • 52-Week Bill Settlement
  • Chain Store Sales[Bullet
  • Challenger Job-Cut Report 7:30 AM ET
  • ADP Employment Report 8:15 AM ET
  • Jobless Claims 8:30 AM ET
  • Gallup Good Jobs Rate 8:30 AM ET
  • Bloomberg Consumer Comfort Index 9:45 AM ET
  • PMI Services Index 9:45 AM ET
  • ISM Non-Mfg Index 10:00 AM ET
  • EIA Natural Gas Report 10:30 AM ET
  • EIA Petroleum Status Report 11:00 AM ET
  • Fed Balance Sheet 4:30 PM ET
  • Money Supply 4:30 PM ET

Highlights:

  • Pence: Replacing Obamacare Is First Order of Business
    Gary’s Thoughts: Market forces!
  • Macy’s Declines After Reducing Outlook, Moves to Cut 10,100 Jobs
    Gary’s Thoughts: Hate seeing so many cuts.