US pre-open: Futures edge higher as investors await key data releases

US stocks are expected to open a touch higher on Thursday ahead of some key data releases that could offer further clues on the timing of an interest-rate hike by the Federal Reserve.

Analysts expect the Dow Jones Industrial Average to open up 20 points at 17,777 and the S&P 500 to open three points higher at 2,080.

Caution amid Greece uncertainty, as investors eye US data

European stocks flitted between small gains and losses, with investors reluctant to make any big bets either way amid continued uncertainty over Greece and ahead of the US data releases.

Greece was in the spotlight yet again, as the country’s finance minister Yanis Varoufakis said he would resign if Greeks voted ‘yes’ in the referendum.

He said that if Greeks were to vote that way, which he does not expect, the Greek government would find a way to reach an agreement with creditors.

Late on Wednesday, Greek Prime Minister Alexis Tsipras delivered a television address in which he called on the country to reject the international bailout deal put forward by creditors, a day after Greece became the first developed economy to default on debt to the International Monetary Fund.

Greece won’t be hogging all the limelight, however, as US labour data comes into play later in the day.

“Non-farm payrolls are expected to show 231,000 jobs were created in June. Markets are already jittery after Monday’s declines so anything near the 280,000 seen last month could send US stocks lower,” said Lawler.

“A high number that implies a rate hike as early as September could be used by investors as a chance to lighten up exposure to equities before the Greek vote during the long US holiday weekend. Average hourly earnings expected to rise 0.2%, down from 0.3%, the result will be important for the inflation outlook.”

The dollar was a little lower against the euro, and a touch higher against the yen and the pound, while gold futures were down 0.7% at $1,161.70.

Oil prices rose, with West Texas Intermediate up 0.6% at $57.28 a barrel, while Brent crude was up 1% at $62.60 a barrel after overnight losses.

Thursday data

Investors will look to the release of US nonfarm payrolls and the unemployment rate at 1330 BST – a day early due to the public holiday on Friday – along with initial jobless claims. US industrial new orders are at 1500 BST.

In company news, Progress Software Corp was up 7% in pre-market trading after the company raised its outlook for the year late on Wednesday.

Elsewhere, General Electric is likely to be in focus after the US Department of Justice filed a lawsuit to block Electrolux from buying its appliance business.