Markets

U.S. Stocks Turn Lower Following Private Sector Payrolls, GDP - Now All Eyes on The Fed

U.S. stock futures fell to trade flat-to-lower following the release of the latest economic data, which included a first look at Q2 GDP, and ADP's private sector payroll additions report. Prior to the release of the data, stocks were hovering near even.

The private sector added 200,000 jobs in July, according to ADP, above the 185,000 analysts were expecting. Meanwhile, ADP revised its June reading upward by 10,000 to 198,000.

Following the private sector jobs report, at 8:30 a.m. ET the government reported that the U.S. economy grew 1.7% in the second quarter. Economists polled by MarketWatch had forecast a 1% gain in U.S. growth. The benchmark revision, which takes place about twice a decade, showed economic growth in 2012 was faster than previously reported: 2.8% vs. 2.2%.

Now, all eyes are on the conclusion of the Federal Open Market Committee's two-day policy-setting meeting, later today. Following the meeting's conclusion a statement will be released.

Overseas, European stocks are trading mixed in their mid-day session while Asian shares finished mixed.

Commodities are mixed in the pre-bell session, gold futures are down 0.04% while oil futures are up 0.67%.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial down 0.08%

-S&P 500 futures down 0.06%

-Nasdaq 100 futures even

-Nasdaq-100 Pre-Market Indicator up 0.19%

GLOBAL SENTIMENT

Nikkei down 1.45%

Hang Seng down 0.32%

Shanghai Composite up 0.18%

FTSE-100 up 0.68%

DAX-30 down 0.38%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+/-) Chip stocks: mixed

(+/-) Software stocks: mixed

(+/-) Hardware stocks: mixed

(+/-) Internet stocks: mixed

(-) Drug stocks: lower

(-) Financial stocks: lower

(+,-) Retail stocks: flat

(-) Industrial stocks: lower

(+) Airlines: higher

(+) Autos: higher

UPSIDE MOVERS

(+) SODA, (+8%) Beats on Q2, Boosts Outlook

(+) TSRX, (+17%) Cubist Pharma to Purchase

(+) QCOR, ( +18.7%) Reports Q2 EPS, Revenue Beat

DOWNSIDE MOVERS

(-) RVBD, (-16%) Misses Q2 Revenue Estimates, Meets on Earnings

(-) GNW, (-3.4%) Q2 Adjusted EPS at $0.27, vs. Cap IQ Street Consensus of $0.29

(-) OPTR, (-6.4%) Cubist Pharma to Purchase

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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