Equities Close
Equities finished lower with Dow futures down 2% to 11354, S&P futures falling 1.4% to 1267 and Nasdaq futures off 0.1% to 1855.
S&P futures plummeted after the weak GDP data and high Jobless Claims number but erased its losses by midday. S&P futures then proceeded to sell off again, and made a new low of 1265 in the last hour of trading. Energy stocks were the biggest losers on the day, falling 3.8%. ExxonMobil fell 4.8% and Royal Dutch Shell lost 3.7%
At 8:30am EDT, July NonFarm Payrolls are expected to decrease 75k and the Unemployment Rate is expected at 5.6%. At 10am, June Construction spending is released, with a consensus estimate of a decrease of 0.3%. Also at 10am, July ISM is due, with a reading of 49 expected. Assistant Treasury Secretary Swagel speaks at 11am. In addition, July Auto Sales will be released throughout the day.