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TheStreet Open House

Futures Rise on ADP Jobs Report

NEW YORK (TheStreet) -- Stock futures were pointing to a higher open Wednesday, climbing back after the previous session's steep selloff, amid news that companies added 114,000 jobs in July.

Futures for the Dow Jones Industrial Average were up by 52 points, or 44 points above fair value, at 11,856. Futures for the S&P 500 were higher by 7 points, or 4 points above fair value, at 1254, and Nasdaq futures were ahead by 10 points, or 9 points above fair value.

The Dow plunged more than 2% Tuesday, marking the eighth consecutive lower close, as a weak reading on June consumer spending and global uncertainties prevented a market rebound following the passage of a U.S. debt deal.

Automatic Data Processing said companies added 114,000 jobs in July, which was slightly above the increase of 100,000 positions that economists had been expecting, according to Briefing.com. In June, the private sector added 145,000 payrolls, which was downwardly revised from initially reported additions of 157,000.

The look at private sector job growth comes ahead of Friday's July employment report from the government. The market is projecting 84,000 additional nonfarm payrolls in July, after June's meager increase of 18,000 jobs. The unemployment rate is slated to inch down to 9.2%, from 9.3% in June, according to Briefing.com.

The FTSE in London was shedding 0.8%, and the DAX in Frankfurt was also declining by 0.8%. Hong Kong's Hang Seng dropped 1.9%, and Japan's Nikkei fell 2.1%.

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At 10 a.m., the market will get a read on July activity across the services sector from the Institute for Supply Management. Wall Street is anticipating an uptick in nonmanufacturing activity, with the index expected to climb to a reading of 53.7 after June's level of 53.3.

At the same time, the Census Bureau is expected to say that factory orders fell 1% in June after rising 0.8% in May.

In earnings news, media and entertainment company Time Warner (TWX) surpassed analysts' second-quarter expectations with adjusted earnings of 60 cents a share on sales of $7.03 billion. Consensus estimates had been for a profit of 56 cents a share on revenue of $6.82 billion. Shares, however, were losing 5.4% to $32.16.

Video, high-speed Internet and phone services provider Comcast (CMCSA) topped analysts' estimates by a penny with second-quarter adjusted earnings of 42 cents a share. Revenue of $14.2 billion was also better than the $13.83 billion in sales that the market had been projecting. The stock was gaining 0.8% to $22.92 in early trading.

Shares of Hertz (HTZ) gained 2.8% to $13.35 late Tuesday after the rental car company reported better-than-expected second-quarter earnings and raised its 2011 outlook.

At 10:30 a.m., the Energy Information Administration will give its weekly read on crude oil inventories. Analysts are anticipating a gain of 2 million barrels for the week ended July 29, according to a Platts survey.

The September crude oil contract was shedding 38 cents to trade at $93.41 a barrel. Gold for December delivery was up by $24.50 at $1,669 an ounce.

The benchmark 10-year Treasury fell 11/32, lifting the yield to 2.647%. The dollar weakened against a basket of currencies, with the dollar index down by 0.7%.

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-- Written by Melinda Peer in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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