U.S. Small Business Optimism Index Might Edge Lower In July, Here Are The Major Macro Issues For Tuesday

U.S. stocks closed mixed on Monday after the data released Friday showed the country’s economy adding 528,000 jobs in July, higher than economists’ estimates of 258,000 jobs. NVIDIA Corporation NVDA shares dropped over 6% on Monday after the company issued preliminary second-quarter revenue guidance below estimates.

Let’s have a look at the major economic reports scheduled for release today.

• The NFIB small business optimism index for July is scheduled for release at 6:00 a.m. ET. The small business optimism index, which dropped to a 9-year low in June, is expected to decline further to 89.2 in July from previous reading of 89.5.
• Data on nonfarm productivity and labor costs for the second quarter will be released at 8:30 a.m. ET. Nonfarm productivity is projected to decline at a 4.5% annualized rate in the second quarter following a 7.3% drop in the first quarter. Unit labor costs, which surged 12.6% in the first quarter, might increase at a 9.3% rate in the second quarter.
• The Treasury is set to auction 52-week bills at 11:30 a.m. ET.
• The Treasury will auction 3-year notes at 1:00 p.m. ET.

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