By Barbara Kollmeyer, MarketWatch
NEW YORK (MarketWatch) -- U.S. stock futures fell on Wednesday
after stronger-than-expected data on private-sector hiring once
again raised concerns that the Federal Reserve may start tightening
policy sooner.
Private employers added 213,000 new jobs in September and many
view the report as a proxy for the non-farm payrolls data due on
Friday. Investors await readings on manufacturing, and car-sales
numbers.
Futures for the Dow Jones Industrial Average (DJZ4) fell 32
points to 16,933, while those for the S&P 500 index (SPZ4) were
off 6 point to 1,960. Futures for the Nasdaq-100 index (NDZ4)
slipped 13 points to 4,031.50.
Wall Street stocks on Tuesday limped through the last day of
trading for the month and third quarter after a mixed bag of
economic data. The S&P 500 index (SPX) eased 0.3% to
1,979.29.
An appreciating dollar (USDJPY) could propel U.S. stocks to
fresh gains, a report in The Wall Street Journal forecast.
Investors will be looking at investing in companies that could
benefit from a stronger dollar, such as consumer-focused companies
like airlines or retailers, Scott Migliori, chief investment
officer for U.S. stocks at Allianz Global Investors, told the
WSJ.
The dollar (USDJPY) tapped the 110-yen level for the first time
since 2008 in Asia, after weak retail sales in Australia pushed
that country's currency lower against the dollar, causing a ripple
effect and the dollar/yen jump.
Eyes on ADP, manufacturing: Private-sector hiring picked up
slightly in September, marking the sixth consecutive month of job
gains above-200,000, according to data released Wednesday.
Economists will use this data as a guidepost leading up to Friday's
nonfarm-payrolls report, where expectations are for a gain of
220,000 jobs.
At 9:45 a.m. Eastern Time, research firm Markit will deliver its
manufacturing index for September, followed at 10 a.m. by the
Institute for Supply Management's reading for the month. Economists
aren't expecting robust readings from either report.
Data on construction spending for August is scheduled for
publication at 10 a.m. Eastern Time.
Autos and biotechs: Auto makers will report car and truck sales
throughout the day. Expectations are for sales to slow to an annual
16.5 million last month, from 17.5 million in August.
Tekmira Pharmaceuticals Corp. (TKMR) surged 30% in premarket
trader after the Center for Disease Control and Prevention
confirmed the first known Ebola case diagnosed in the U.S.
Other companies working on treatments for the deadly virus also
were active in early trading: BioCryst Pharmaceuticals (BCRX) rose
5.9%, Sarepta Therapeutics Inc. (SRPT) rose 7%. Also read: U.S.
Ebola case boosts drug makers working on treatments
Other markets: Oil prices(CLX4) staged a moderate recovery,
after a selloff on Tuesday that pushed prices to the lowest in more
than a year. Gold prices(GCZ4) ticked up.
Supermarkets were under pressure on the FTSE 100 after sales
fell at Sainsbury PLC and U.K. regulators announced a probe into
Tesco PLC over its accounting practices. The Stoxx Europe 600 index
was slightly lower.
The Nikkei 225 index eased, while Hong Kong and Chinese markets
were closed for a holiday. Pro-democracy rallies spread further
across Hong Kong on Wednesday, which had some worried about the
demonstration escalating.
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