By Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch) -- U.S. stock futures largely stuck to the
flat line on Wednesday, ahead of a busy lineup of data that
includes the latest on private-sector employment, readings on
manufacturing, and car-sales numbers.
Futures for the Dow Jones Industrial Average (DJZ4) inched up 5
points to 16,970, while those for the S&P 500 index (SPZ4)
added 0.2 point to 1,965.70. Futures for the Nasdaq-100 index
(NDZ4) slipped 2 points to 4,042.75.
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 to gear themselves toward 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: Data could provide some direction
for traders. Heading up a busy data day, private-sector payrolls
are due at at 8:15 a.m. Eastern Time from Automatic Data
Processing. ADP is expected to report employers added 209,000 jobs
in September. Economists will use this data to get a feel for
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.
Family Dollar Stores Inc. (FDO) will report earnings ahead of
the bell.
Tekmira Pharmaceuticals Corp. (TKMR) surged 27% late Tuesday
after the Centers 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 were
also active in late trade: Newlink Genetics Corp. (NLNK) surged
13%, Sarepta Therapeutics Inc. (SRPT) rose 7%, and GlaxoSmithKline
PLC (GSK) rose over 1%.
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) drifted lower, with platinum (PLV4)
especially hard hit.
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 flat.
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 an
out-of-control escalation.
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