Market Insider

Markets could drift as traders await jobs report

Markets are in wait-and-see mode ahead of Friday's jobs report, but there are a few events Thursday that could sway the market's direction.

One is the European Central Bank's policy meeting Thursday morning; traders expect markets to be volatile around it. A fresh batch of earnings reports is also due, including General Motors, while continued spillover from Wednesday's reports will also be a factor after concerns about Twitter's growth slammed its stock and weighed on its social media rivals. Disney, however, had positive results which saw the Dow component's stock up over 3.5 percent after the bell.

There will also be continued fallout from Coca-Cola's surprise acquisition of a 10 percent stake in Green Mountain Coffee Roasters and 10-year agreement to develop a Keurig Cold at home beverage system. That triggered a 43 percent jump in Green Mountain, squeezing some high-profile shorts and is likely to result in more collateral damage. At the same time, shares of Soda Stream plunged on concerns the Coke venture will threaten sales of its at–home soda system.