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The S&P 500 <.SPX> has fallen for three straight sessions, partly
on concerns the U.S. Federal Reserve may begin to reduce its
stimulus earlier than some had anticipated, putting the benchmark
index on track to snap an eight-week winning streak.
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Many market participants expect the central bank to announce a cut
to its $85 billion in monthly bond purchases in March, but recent
economic data has given rise to the possibility that timeline may be
accelerated.
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The Fed has said it would begin to slow the program when certain
economic measures meet its targets, including an improvement in the
labor market.
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Investors will eye the November employment report from Automatic
Data Processing at 8:15 a.m. EST (1315 GMT) for clues on hiring
ahead of Friday's key payrolls report. Economists in a Reuters
survey expect 173,000 jobs were created in November compared with
130,000 new jobs in October.
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At 10:00 a.m. (1500 GMT), the Institute for Supply Management
releases its November non-manufacturing index and the Commerce
Department releases new home sales for September and October.
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Economists in a Reuters survey forecast an ISM services reading of
55.0 versus 55.4 in October. New home sales for September are
forecast to show a total of 425,000 annualized units and 428,000 for
October.
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Later in the session at 2:00 p.m. (1900 GMT), the Federal Reserve
will release its Beige Book of regional economic conditions.
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S&P 500 futures rose 0.1 point and were slightly below fair value,
a formula that evaluates pricing by taking into account interest
rates, dividends and time to expiration on the contract. Dow Jones
industrial average futures rose 10 points and Nasdaq 100 futures
added 3.75 points.
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J.C. Penney Co Inc
climbed 5 percent to $10.62 in
premarket trading after the retailer said comparable sales,
including e-commerce and sales at stores open at least a year, rose
10.1 percent during November, in the latest sign its turnaround is
continuing.
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OmniVision Technologies Inc
slumped 12.5 percent to $14
in light premarket trade after the chipmaker forecast
current-quarter revenue well below analysts' estimates.
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European shares traded flat, steadying after the previous
session's steep losses, with Asia-focused bank Standard Chartered
the leading decliner after it warned its profits were likely to
fall.
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Most Asian shares slumped as the prospects of a reduction in the
U.S. Federal Reserve's stimulus early next year prompted investors
to cash in gains from recent rallies.
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The Dow and the S&P 500 fell for a third straight day on Tuesday,
dropping from record levels as investors took profits amid signs of
a weak holiday shopping season.
[REUTERS MEDIA; By Chuck Mikolajczak]
(Editing by Bernadette Baum)
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