Stock index futures are set to add on yesterday's gains today despite a disappointing report on the jobs market.
In a preview for Friday's all-important BLS jobs report, ADP, a large national payroll processor, estimated that private sector employment rose by 158,000 in March. This missed economists' estimates by 42,000. February's numbers were revised up to 237,000 from 198,000, however.
Monday's ISM manufacturing index fell short of expectations, but still showed growth at 51.3. Today, we will get a look ISM's non-manufacturing data, which is expected to show a second straight month of robust growth at 56. (Readings over 50 indicate expansion of the sector.)
Stock futures were up just slightly before the opening bell. Dow
(INDEXDJX:.DJI) futures are up 0.03% at 14,590. S&P 500
(INDEXSP:.INX) futures rose 0.11% to 1,566.30 and Nasdaq
(INDEXNASDAQ:.IXIC) futures gained 0.12% to 2,816.00.
In Europe, inflation fell short of the central bank's target. Consumer prices advanced at an annual rate of 1.7% in March after rising 1.8% in February.
(NYSE:VZ) put the kibosh on rumors that it might merge with the UK's Vodafone
(NYSE:VOD). Verizon does intend to buy back Vodafone's 45% stake in itself, however.
(NASDAQ:ZNGA) shares advanced 13% this morning after the game maker announced that starting today, British customers can choose to gamble with real money online in poker and other casino games.
Yesterday, the Securities and Exchange commission changed disclosure rules to allow companies to make announcements on social media. Companies can release material information "so long as investors have been alerted about which social media will be used to disseminate such information." The change came about after regulators fined Netflix
(NASDAQ:NFLX) CEO Reed Hastings for announcing milestone streaming stats on the company Facebook
No positions in stocks mentioned.
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