This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Stock Futures Edge Slightly Higher After ADP

Stocks in this article: ^DJI^GSPC^IXICBBYHPQPCSFDOMON


NEW YORK ( TheStreet) -- U.S. stock futures were trading a bit higher Wednesday following a better-than-expected employment report and ahead of data on the services sector.

At last check, futures for the Dow Jones Industrial Average were rising 17 points, or 26.64 points above fair value, at 13,428. Futures for the S&P 500 were up 2.3 points, or 3.75 points above fair value, at 1443. Futures for the Nasdaq were rising 7.75 points, or 10.01 points above fair value, at 2803.

The ADP private sector employment change report showed a rise in private payrolls in September of 162,000, down from a downwardly revised 189,000 increase in August. Economists, on average, were forecasting a private payrolls increase in September of 133,000.

The data comes ahead of Friday's September U.S. nonfarm payrolls report.

"Given last month's miss of ADP vs. NFP, it's not surprising the market has been slow to react," commented Ian Lyngen, senior rates strategist at CRT.

The Institute for Supply Management is expected by economists at 10 a.m. to show that the U.S. services sector remained in expansion at 53 in September, though at a slightly slower pace compared with 53.7 in August.

"We expect it will show a third consecutive rise, echoing the bounce in September already reported for the manufacturing ISM index and numerous consumer confidence measures," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics.

U.S. stocks booked a mixed finish on Tuesday as investors awaited clarity on the timeline for a potential request for bailout funds from Spain and after Apple (AAPL) shares improved in the final hour of trading.

The FTSE 100 in London was up 0.08% and the DAX in Germany was up 0.24% on Wednesday. The Nikkei Average in Japan closed down 0.45% and the Hang Seng in Hong Kong finished up 0.23%.

November crude oil futures were slipping 48 cents to $91.41 a barrel. December gold futures were rising $5.20 at $1,780.80 an ounce.

The benchmark 10-year Treasury was up 3/32, lowering the yield to 1.615%. The greenback was down 0.22%, according to the dollar index.

In corporate news, Best Buy (BBY) founder Richard Schulze and at least four private-equity firms have started examining the books of the company, the world's biggest consumer electronics chain, in what could become a potential $11 billion buyout, according to people familiar with the matter, Reuters reported.

Hewlett-Packard (HPQ) CEO Meg Whitman holds her first analyst meeting Wednesday since taking over as CEO in September 2011.

Shares of HP are off about 34% so far in 2012, amid investor questions about strategy, including the tech giant's still-profitable printing division.

MetroPCS Communications (PCS) confirmed Tuesday it's in talks with T-Mobile USA about a potential merger.

Discount retailer Family Dollar Stores (FDO) posted fourth-quarter earnings of 75 cents a share on revenue of $2.36 billion, in line with analysts' estimates, and provided an encouraging fiscal 2013 outlook.

Monsanto (MON) reported an as-expected fourth-quarter loss amid weaker corn-seed sales and provided disappointing fiscal 2013 earnings guidance.




--Written by Andrea Tse in New York.



>To contact the writer of this article, click here: Andrea Tse.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,677.90 +216.58 1.32%
S&P 500 1,950.82 +23.71 1.23%
NASDAQ 4,452.7920 +69.9450 1.60%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs