Wednesday, October 3, 2012

Stocks: Choppy trading ahead






Click on chart for more premarkets data.




NEW YORK (CNNMoney) -- U.S. stock futures were little changed Wednesday, as investors remain on hold ahead of the first of a series of reports this week about the state of the labor market.



At 8:15 a.m. ET, payroll processor ADP will report how many private-sector jobs were added in September. Analysts surveyed by Briefing.com expect the report to show that 133,000 private-sector jobs were added.




The report is a prelude to the government's closely watched monthly jobs data, due on Friday. Investors will be hoping to see the labor market bounce back after last month's grim report.



Investors also remain on edge over Europe, specifically Spain, where there's mounting pressure for the nation to formally request a bailout. Late Tuesday, Spanish Prime Minister Mariano Rajoy said a bailout request was not imminent.



European stocks were mixed in morning trading. Britain's FTSE 100 shed 0.1%, while both the DAX in Germany and France's CAC 40 ticked up 0.1%.



Related: Europe's Debt Crisis



Asian markets ended the session mixed, with markets in Shanghai closed for a holiday. The Hang Seng in Hong Kong added 0.1% while Japan's Nikkei lost 0.5%.



In the U.S., investors started Wednesday with a report showing mortgage applications spiked last week. The Mortgage Bankers Association's index, which measures mortgage applications, rose 16.6% for the week ended Sept. 28. That's a big jump from the prior week's 2.8% increase.



Due after the opening bell, the Institute for Supply Management will release its monthly report on the services sector.



U.S. stocks finished mixed Tuesday.



Fear & Greed Index



Companies: Shares of Best Buy (BBY, Fortune 500)jumped 3% following reports that founder Richard Schultze, and at least four private equity firms, have started examining Best Buy's books in advance of a potential $11 billion buyout offer.



Family Dollar (FDO, Fortune 500) reported fourth-quarter earnings and sales that were in line with forecasts but lowered its guidance for the first quarter. The retailer also said it plans to open another 500 stores next year.



Agribusiness giant Monsanto (MON, Fortune 500) will be the next to release its quarterly results Wednesday morning.





Currencies and commodities: The dollar slipped against the euro, but gained against the British pound and Japanese yen.



Oil for November delivery fell 63 cents to $91.26 a barrel.



Gold futures for December delivery rose $4.20 to $1,779.80 an ounce.



Bonds: The price on the benchmark 10-year U.S. Treasury remained unchanged from late Tuesday, with the yield at 1.61%.








Source & Image : CNN Money

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