US stock futures were hardly changed this morning as investors
await a decision by the Federal Reserve and a bevy of key economic
ADP, a provider of payroll services, reported that hiring in the
private sector slowed in April. Payrolls increased by only 119,000
after gaining 158,000 in March. Economists were expecting a net of
155,000 new hires. This data doesn't bode well for the government's
official non-farm payrolls and unemployment rate report this
Later this morning, a slew of important US economic data will come
out, and economists' consensus estimates are for weaker growth. The
US PMI manufacturing index is expected to show less robust growth
in April than in March. The index is expected to fall to 52 from
54.6. PMI readings above the 50 threshold indicate growth in the
sector. The Institute for Supply Management is also likely to show
a slight fall to 51 from 51.3. Construction spending is expected to
have risen only 0.6% in March, after gaining 1.2% in the previous
The biggest news of the day might come from the Federal Reserve,
however. The Federal Open Markets Committee will make an
announcement after its two-day meeting concludes at 2 p.m. EDT. The
recent pullback in the economy and tame inflation might silence the
hawks in the Fed. Rates are probably going to go untouched, but any
updates on the Fed's plans to alter its $85 billion monthly asset
purchase program could move the market considerably.
Asian markets fell overnight as the Chinese government's
manufacturing PMI index showed a narrow gain. The index, which is
more weighted toward large state-sponsored enterprises, fell to
50.6 in April from 50.9 in March. European shares also made gains
) made the biggest corporate debt offering in nearly twenty years.
It offered $17 billion in bonds at an average 10-year yield of
2.42%, just 75 basis points over a similar Treasury bond.
After ending Tuesday in positive territory, stocks are pointing
toward a slightly higher opening today.
(INDEXDJX:.DJI) futures are up 0.02% at 14,751 and
(INDEXSP:.INX) futures rose 0.15% to 1,594.60. Futures on the
(INDEXNASDAQ:.IXIC) index are up 0.16% at 2,884.50.
) could see heavy trading this session as its earnings are due to
come out after the closing bell. Wall Street expects earnings of
$0.13 per share. The conference call that follows might shed some
light on the company's new smartphone interface and other plans to
monetize its mobile users. Analysts might also ask about the trend
of users in mature markets flocking to competitors' networks.
After wrapping up its merger with
), which is a subsidiary of
(OTCMKTS:DTEGY), will make its debut on the
New York Stock Exchange
) with the ticker TMUS.