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 The ADP National Employment Report showed that private employers
added 200,000 jobs in September, up from 186,000 in August.
Economists polled by Reuters had expected an addition of 194,000
jobs.
The Federal Reserve, which kept interest rates unchanged earlier
this month, has said it needs to see more improvement in the labor
market and be confident that inflation will increase before raising
rates. Inflation remains below the Fed's 2 percent target.
"The ADP numbers were consistent with what we've been seeing in the
last few months with the labor market continuing to tighten," said
Peter Cardillo, chief market economist at Rockwell Global Capital in
New York.
"It's only a matter of time before the Fed raises rates but I don't
think that will happen in October."
Investors will look for clues on the timing of a rate hike when Fed
Chair Janet Yellen and St. Louis Fed President James Bullard speak
at a conference in St. Louis later on Wednesday.
Yellen said last week the central bank remained on track to raise
rates this year. The Fed meets next on Oct. 27-28.
S&P 500 e-minis were up 23.75 points, or 1.27 percent, with 248,374
contracts traded at 8:18 a.m. Nasdaq 100 e-minis were up 60.25
points, or 1.48 percent, on volume of 40,376 contracts. Dow e-minis
were up 186 points, or 1.17 percent, with 36,617 contracts changing
hands.
U.S. stocks mostly closed higher on Tuesday after nearing August
lows, helped by a bounce in healthcare stocks, with the S&P 500
snapping a 5-day losing streak.
Investors, worried about a slowing global economy, will be keen to
put a bruising quarter behind them and look ahead to third-quarter
earnings season, which begins next week.
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Although the market's recent rout, triggered by fears of slowing
growth in China, has forced many strategists to slash year-end
expectations, a Reuters poll shows the S&P 500 is expected to end
2015 roughly 11 percent above current levels.
Chicago PMI data for September is forecast to have shrunk to 53.0
from 54.4 in August. The data is expected at 9:45 a.m.
Shares of Ralph Lauren were up 6.1 percent at $110.40 premarket
after the fashion powerhouse said its founder and CEO was stepping
down and being replaced by the head of Gap's Old Navy division. Gap
was down 6 percent at $28.40.
Western Digital jumped 11.5 percent to $77.40 after the data storage
company said it would receive a $3.78 billion investment from
Chinese infotech company Unisplendour. Peer Seagate rose 5.9 percent
to $44.25.
Tesla was up 2.6 percent at $253.01 after the first delivery of its
long-awaited Model X electric SUV.
(Reporting by Abhiram Nandakumar and Tanya Agrawal; Editing by
Saumyadeb Chakrabarty)
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