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Futures were also pressured by U.S. crude prices, which remained
below $40 per barrel amid oversupply fears. [O/R]
The ADP national employment report is expected to show that
hiring in the private sector fell by 2,000 in July to 170,000
from the previous month. The report, which is seen as a
precursor to the more comprehensive jobs data on Friday, is
expected at 8:15 a.m. ET (1215 GMT).
If the labor market is able to build on its recent strength, it
could make the case for the Federal Reserve to raise interest
rates later this year.
A report from the Institute of Supply Management is likely to
show that its non-manufacturing index slipped to 56.0 in July
from 56.5 in June. The report is due at 10:00 a.m. ET.
Wall Street edged lower on Tuesday after weak auto sales and
disappointing economic data spurred worries about the growth of
the U.S. economy.
Investors are also parsing company earnings to gauge the health
of the U.S. economy. Of the 353 S&P 500 companies that have
reported earnings so far, 71 percent have beaten analysts'
estimates, according to Thomson Reuters I/B/E/S.
Time Warner <TWX.N> shares rose 1.7 percent after the company
said it would become a 10 percent owner of streaming TV service
Hulu and raised its full-year earnings forecast. * Biogen <BIIB.O>
fell nearly 2 percent to $324.50 in light premarket trading,
after The Wall Street Journal reported that the biotech company
had drawn takeover interest from drug companies including Merck
<MRK.N> and Allergan <AGN.N>.
Western Digital <WDC.O> dropped 4 percent and was the top loser
among S&P components after Goldman Sachs cut it to "sell" from
"neutral".
Electronic Arts <EA.O> fell 2.5 percent after its sales forecast
missed analysts' estimates.
Tesla <TSLA.O> and Twenty-First Century Fox <FOXA.O> are
scheduled to report after the bell.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by
Anil D'Silva)
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