Market Hustle: Stock Futures Ease as ADP Jobs Report Disappoints
NEW YORK (TheStreet) -- U.S. stock futures were easing off gains Wednesday following a smaller-than-expected increase in private sector job creation.
- Dow Jones Industrial Average futures were rising 14 points, or 12.39 points above fair value, to 16,463. S&P 500 futures were adding 1 point, or 0.68 points above fair value, to 1,878.75 while Nasdaq futures were gaining 4 points, or 4.2 points above fair value, to 3,654.3.
- Private payroll processor Automatic Data Processing reported that the U.S. private sector created 191,000 jobs in March vs. the average economist's estimate of 195,000. The February figure, though, was upwardly revised to 178,000 from 139,000.
- Factory orders for February at 10 a.m. EDT are expected to indicate a rise of 1.2% after dipping 0.7% the previous month.
- Atlanta Federal Reserve Bank President Dennis Lockhart will speak about the economic outlook in a speech at 12:30 p.m. and St Louis Federal Reserve Bank President James Bullard will deliver a speech at 5 p.m.
- MannKind (MNKD)was soaring more than 100% in premarket trading after the company won the support of an FDA advisory panel Tuesday for its rapid-acting inhaled insulin Afrezza.
- Amazon (AMZN) was advancing 0.7% after The Wall Street Journal reported that the company has rolled out a new service allowing customers to return unwanted merchandise using large metal lockers it has installed in major metropolitan areas. Also, Amazon is hosting a press conference in New York Wednesday to provide an update on its video business.
- Microsoft (MSFT) was up 0.41%. The company is expected to provide previews for Windows updates and reveal new Windows Phone features during its annual developer conference in San Francisco that begins on Wednesday.
- Major U.S. stock indices rose Tuesday, with the S&P 500 closing at a record high of 1,885.52, after stronger-than-expected manufacturing data suggested the economy is shaking off a slow start to the year amid harsh winter weather and as Yellen assured investors that monetary policy will remain supportive.
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