September 07, 2012-Stocks Look to a Flat Start as Payroll Misses Expectations

Follow through buying is likely on Wall Street on Friday, as traders remain optimistic about the salvation of beleaguered eurozone nations after the European Central Bank president Mario Draghi remained true to his word. The focus now shifts to the next important macroeconomic trigger, namely the U.S. non-farm payrolls report for August. Economists expect a slowdown in the pace of hirings, although not notably from July levels. That said, the momentum could slow or stall as markets trade at fresh multi-year highs, The Dow futures are gaining 42 points, the S&P 500 futures are moving up 5.50 points and the Nasdaq 100 futures are adding 10.50 points. On Thursday, U.S. stocks basked in the glory of a few domestic economic data and the decision by the European Central Bank to buy bonds. All three of the major averages closed at fresh multi-year highs.