Stock Market Today: Stock Futures Rise After Strong ADP Payrolls Data

NEW YORK (TheStreet) -- The goodwill that pushed U.S. markets to new heights over Tuesday's session is lingering in premarket trading Wednesday, helped along by strong private payrolls data.

ADP data show higher-than-expected payroll growth in the private employment sector, up 281,000 in June from 180,000 in May and above economists' estimates of 205,000. 

"The job market is steadily improving," Moody's Analytics chief economist Mark Zandi wrote in a statement. "Judging from the job market, the economic recovery remains fully intact and is gaining momentum."

The official U.S. nonfarm payrolls report is due out Thursday, moved forward a day to account for the Independence Day holiday on Friday.  

Futures for the Dow Jones Industrial Average, which flirted with the 17,000-level Tuesday, were up 0.15% to 16,901. S&P 500 futures were creeping 0.17% higher to 1,969 and the Nasdaq was adding 0.15% to 3,890.75.

Also lifting global sentiment, Federal Reserve Chair Janet Yellen will deliver a speech at the International Monetary Fund in Washington at 11 a.m. EDT. Investors will be on the lookout for guidance on monetary policy and hints on a timeline of when U.S. interest rates will rise.

July 2 Premarket Briefing: 10 Things You Should Know

How This Unloved Bull Market Continues to Smash Records

Wall Street will get another glimpse of the health of the manufacturing sector with factory orders due for release at 10 a.m. Analysts expect a 0.3% dip in May orders from a 0.7% increase the month earlier.

European markets were mixed, though all Asian markets closed higher, bolstered by the strength in U.S. markets. Upside in Europe was restrained, though, as investors of the FTSE, CAC and DAX await Yellen's speech and more economic indicators out this morning. 

Argentina has been placed on watch due to the likelihood of default on its interest payments to bondholders, Standard & Poor's said Tuesday. The firm reiterated its negative outlook on the economy's long-term health and restated its CCC+/C currency rating.

Australia's trade deficit for May unexpectedly widened 145%, seasonally adjusted, to $1.9 billion as key industries, iron ore and coal, suffer falling prices. Bloomberg economists had forecast a deficit of $200 million.

JPMorgan Chase (JPM) will be on watch this session after CEO Jamie Dimon disclosed he has been diagnosed with curable throat cancer and will begin treatment shortly. Shares were slipping 0.5% to $57.28 premarket.

Bank of America (BAC) shares were moving 1.3% higher to $15.80 before the bell after nabbing an upgrade to "buy" at Deutsche Bank. Analysts increased their price target to $18 from $16.50.

Greenbrier Cos.  (GBX) stock popped 8.1% to $62.40 after surpassing analysts' earnings estimates by 29 cents, pulling in $1.03 a share in net income.

Constellation Brands (STZ) shares were also up 5.8% to $93.50 after generating $1.53 billion in revenue, a 127.2% year-over-year jump. Earnings of $1.07 a share beat estimates by 14 cents.

--Written by Keris Alison Lahiff in New York. 

Cheers All Round as the Dow, S&P 500 Make History

More from Markets

McKesson Internal Review Clears Senior Management of Wrongdoing on Opioids

McKesson Internal Review Clears Senior Management of Wrongdoing on Opioids

Starbucks Surprises Wall Street With U.S. Sales Up a Paltry 2%

Starbucks Surprises Wall Street With U.S. Sales Up a Paltry 2%

Dow Jumps 238 Points as S&P 500, Nasdaq Also Climb

Dow Jumps 238 Points as S&P 500, Nasdaq Also Climb

Why Nashville, Denver, LA Should Reconsider Bids for Amazon HQ2

Why Nashville, Denver, LA Should Reconsider Bids for Amazon HQ2

3 Hot Reads From TheStreet's Top Premium Columnists

3 Hot Reads From TheStreet's Top Premium Columnists