US STOCKS-Wall Street set for flat open after ADP report
* ADP employment shows improvement from Oct
* Fed's Beige Book on deck
By Chuck Mikolajczak
NEW YORK, Dec 2 (Reuters) - U.S. stocks were poised for aflat open on Wednesday after a private-sector employment reportshowed an improvement from October but fell shy of forecasts.
U.S. private employers shed 169,000 jobs in November, fewerthan the 195,000 in October, but worse than forecasts for adecline of 155,000 jobs, according to the ADP NationalEmployment private sector survey . For details, see[ID:nWEN7048]
"You always take the ADP with a grain of salt. It's notalways right on." said Frank Lesh, futures analyst and brokerat FuturePath Trading LLC in Chicago.
"(But) It wasn't that far off, and it's still animprovement."
Also on tap for Wednesday is the Federal Reserve periodicBeige Book survey of regional U.S. economic conditions.
S&P 500 futures SPc1 shed 1.2 points and were slightlybelow fair value, a formula that evaluates pricing by takinginto account interest rates, dividends and time to expirationon the contract. Dow Jones industrial average futures DJc1dipped 12 points, while Nasdaq 100 futures NDc1 dipped 1.50points.
SunTrust Banks Inc (STI.N) shares gained 3 percent to$23.90, while BB&T Corp (BBT.N) was up 1.3 percent at $25.92after Credit Suisse upgraded the U.S. regional bank sector to"overweight" and boosted its rating on SunTrust and BB&T.[ID:nBNG412066]
Walgreen Co (WAG.N) dropped 3.7 percent to $37.90 after thedrugstore chain said November sales increased 8.7 percent whilesame-store sales rose 3.9 percent for the same period, shy ofexpectations for a 6.1 percent rise. [ID:nN02542095]
Nokia (NOK1V.HE)(NOK.N), the world's largest cell-phonemaker, said it expects handset market volumes to grow about 10percent next year. For details, see [ID:nGEE5B10M5] U.S. listedshares fell 1.2 percent to $13.25 in premarket trading.
U.S. crude futures CLc1 fell nearly 1 percent to below$77.69 per barrel after industry data showed a surprise buildin U.S. crude stocks, raising doubts over demand recovery.[ID:nSP426870]
General Motors Co's [GM.UL] board of directors fired ChiefExecutive Fritz Henderson on Tuesday, saying it wanted to charta new course as the U.S. automaker pushes ahead with itsrestructuring. [ID:nN01370062]
(Reporting by Chuck Mikolajczak; editing by JeffreyBenkoe)
((Charles.mikolajczak@thomsonreuters.com; +1 646 223 5234;ReutersMessaging:rm://Charles.mikolajczak.reuters.com@reuters.net))
((Multimedia versions of Reuters Top News are now available for: * 3000 Xtra: visit topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News: topnews.reuters.com))
Source: Reuters
« Back to Business News
Related News
-
NYMEX-Crude slips on API supply data, awaits EIA Dec 2, 2009 @ 01:16 AM
NEW YORK, Oct 21 (Reuters) - U.S. crude oil futures slipped onWednesday ahead of government inventory data, pressured by industry datareleased late Tuesday showing a large rise in crude oil stockpiles.
-
Economic Data Keeps European Markets in Check Dec 2, 2009 @ 01:16 AM
Wall Street started a new week with mixed trading on Monday, after two consecutive weeks of declines as disappointing economic news has piled up.
-
US STOCKS-Wall St set for flat open as Fed meeting concludes Dec 2, 2009 @ 01:16 AM
NEW YORK, Aug 12 (Reuters) - U.S. stocks were set to openflat on Wednesday as investors shied away from big bets aheadof Federal Reserve statements on the state of the economy.
-
Online retailers rev up deals to keep up momentum Dec 2, 2009 @ 01:16 AM
NEW YORK — Retail Web sites kept amping up the deals Monday, the first day after the Thanksgiving holiday, to try to maintain the long weekend's strong online sales.
-
European Markets Mixed After Sharp Drop in Asia Dec 2, 2009 @ 01:16 AM
European markets calmed Friday after falling more than 3 percent the day before when investors were spooked by news that Dubai World, the emirate’s investment vehicle, was seeking to suspend repayments on all or part of its $59 billion in debt.
