Futures edge up ahead of ADP jobs data, Yellen testimony

[November 04, 2015]  By Abhiram Nandakumar

(Reuters) - U.S. stock index futures were marginally higher on Wednesday ahead of the release of a fresh batch of economic data, including a report on job growth in the private sector.

The ADP's report on private employment is forecast to show an increase of 180,000 jobs in October, compared with a rise of 200,000 in September.

The data, due at 8:15 a.m. ET, comes ahead of Friday's more comprehensive nonfarm payrolls data.

Federal Reserve Chair Janet Yellen is scheduled to provide testimony on Fed actions and plans for bank regulation and supervision before the House Financial Services Committee at 10:00 a.m. ET.

Her testimony comes as the central bank deliberates on raising interest rates for the first time in nearly a decade.

Fed Vice Chair Stanley Fischer and New York Fed President William Dudley are slated to speak at separate events on Wednesday.

Global stocks gained after private-sector surveys in Europe pointed to a strong growth path in the fourth quarter and comments from China's president lifted Shanghai stocks.
 

European Central Bank President Mario Draghi said policymakers would review stimulus measures when they meet in December and remain willing and able to act if needed.

U.S. stocks closed higher on Tuesday, with the Nasdaq 100 <.NDX> closing at a record high, riding on gains in the technology and energy sectors.

Tesla's shares rose 8.4 percent to $225.93 premarket on Wednesday after the company promised to speed up production of its electric cars.

Groupon slumped 24.3 percent to $3.05 after it forecast weak fourth-quarter and 2016 revenue.

Michael Kors rose 5.5 percent to $41.50 after the handbag maker reported a rise in quarterly revenue.

Other data due on Wednesday includes the U.S. trade data, which is expected to show the trade deficit narrowed sharply in September to $41.1 billion from $48.3 billion in August. The report is scheduled at 8:30 a.m.

The Institute of Supply Management's non-manufacturing index is forecast to have slipped to 56.5 in October from 56.9 in the previous month. The data is due at 10:00 a.m.

Facebook and Qualcomm are scheduled to report results after the close.

Futures snapshot at 7:12 a.m. ET:

S&P 500 e-minis were up 3.25 points, or 0.15 percent, with 113,535 contracts traded.

Nasdaq 100 e-minis were up 11.5 points, or 0.24 percent, on volume of 17,551 contracts.

Dow e-minis were up 32 points, or 0.18 percent, with 15,910 contracts changing hands.

(Reporting by Abhiram Nandakumar in Bengaluru; Editing by Savio D'Souza)

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