Less Ads, More Data, More Tools Register for FREE

US STOCKS-Futures flat with S&P record high within view

Wed, 03rd Apr 2013 12:11

* Data on U.S. private employment, services sector on tap

* Zynga rallies, to offer casino games in Britain

* Futures up: Dow 6 pts, S&P 1.1 pts, Nasdaq 0.25 pt

By Ryan Vlastelica

NEW YORK, April 3 (Reuters) - U.S. stock index futures werelittle changed on Wednesday as investors awaited the latestround of economic data and the S&P 500 edged even closer to anall-time intraday high.

The S&P has been within striking distance of its recordlevel of 1,576.09 for the past several sessions, and inched towithin three points of it on Tuesday before pulling back. Whilethe index ended at a new closing high, a late-session paring ofmarket gains prompted investors to question the strength of therecent rally.

Market movements may be slight until the release of theclosely watched nonfarm payrolls report on Friday, as there arefew major trading catalysts before then. The S&P has gained lessthan 0.1 percent so far this week.

"We're going to be quiet before the payroll report, withdefensive sectors favored and any action likely coming fromwhether an overseas market moves dramatically," said Rick Fier,director of trading at Conifer Securities in New York.

Nonetheless, economic data will be scoured for signs ofwhether the economy continues to steadily improve. The ADPnational employment report is scheduled for release at 8:15 EDT(1215 GMT) and is seen showing 200,000 private sector jobs wereadded in March, slightly more than the previous month. A strongADP report may raise expectations for Friday's jobs report.

The March read for the Institute for Supply Management'sservices index, due at 10:00 a.m. (1400 GMT), is seen at 55.8,down from 56.0 in the previous month.

"Services is such a huge part of the economy that anyimprovement would be viewed as a positive," said Fier, who helpsoversee $8 billion in assets under administration. "Even morethan it topping expectations, we would like to see it top lastmonth's read."

While data has largely been positive and helped to propelthe equity market in the first quarter, a few disappointmentshave made investors cautious. The ISM manufacturing index onMonday came in below expectations.

S&P 500 futures rose 1.1 point, less than 0.1percent, though it was above fair value, a formula thatevaluates pricing by taking into account interest rates,dividends and time to expiration on the contract. Dow Jonesindustrial average futures added 6 points and Nasdaq 100futures rose 0.25 point.

The S&P 500 has advanced more than 10 percent this year andlast week, broke above its 2007 closing high, a level itexceeded on Tuesday. The Dow first broke above its 2007 recordon March 5.

In company news, Zynga Inc surged 12 percent inpremarket trading after the company said it would begin offeringpoker and casino-style games in Britain in partnership withBwin.party Digital Entertainment.

ConAgra Foods Inc fell 2.4 percent to $34.68 beforethe bell. The company reported third-quarter earnings that fell57 percent even as revenue grew.

Verizon Communications Inc ruled out a full takeoverof Vodafone , turning the focus yet again towhether the two telecom giants can do a deal over their VerizonWireless joint venture. U.S.-listed shares of Vodafone fell 3.6percent to $28.36 in premarket trading.

Thermo Fisher Scientific Inc is emerging as the leadcontender in an auction for Life Technologies Corp, agenetic testing maker with a market value of more than $11billion, three people familiar with the matter said this week.

Issues in the euro zone will continue to be in focus a dayafter Cyprus concluded a bailout deal. The plan, which stillrequires ratification, would mean the country receives a 10billion euro loan and that it has until 2018 to carry outmeasures to shore up its finances. The country's financeminister resigned after concluding the deal.

While investors have largely used any market decline as abuying opportunity, the situation in Cyprus has been a majorsource of market uncertainty in recent weeks.

U.S. stocks rose on Tuesday, lifted by healthcare stocks,after a government decision on payment rates. Strong factoryorders data also added to the positive tone.

Related Shares

More News
14 Jun 2024 15:36

London close: Stocks fall amid French political concerns

(Sharecast News) - London stocks were still in the red by the close on Friday, mirroring a broader European selloff driven by political uncertainty in...

14 Jun 2024 10:51

Vodafone looking to offload Indus Towers stake - report

(Sharecast News) - Vodafone Group is reportedly looking to sell its whole $2.3bn stake in India's Indus Towers through stock market block deals next w...

12 Jun 2024 15:16

Vodafone Spain plans 1,200 job cuts after acquisition by Zegona

MADRID, June 12 (Reuters) - A former Vodafone unit in Spain that was recently acquired by Zegona Communications plans to cut up to 1,200 jobs, or ju...

6 Jun 2024 17:02

London stocks close higher on miners boost; ECB cuts rates

FTSE 100 up 0.5%, FTSE 250 adds 0.2% *

4 Jun 2024 12:29

IN BRIEF: Vodafone CFO Luka Mucic buys GBP388,000 in shares

Vodafone Group PLC - Newbury, Berkshire-based telecommunications provider - Chief Financial Officer Luka Mucic buys 510,000 shares at GBP0.7615 each, ...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.