Before the bell: Stocks set for mixed start after earnings, ahead of employment data

Posted Feb 4th 2009 7:47AM by Melly Alazraki
Filed under: Before the Bell, International Markets, Market Matters, Economic Data, Oil

U.S. markets were sett for a mixed start Wednesday morning, as indicated by stock futures. Investors reacted to disappointing results from Disney and Time Warner, as well as a profit warning from Costco. Also, some economic data, including numbers about the employment market are in focus this morning and could sway markets.

The economic data due out today includes ADP's estimate of payrolls for January, to be released at 8:15 a.m. Eastern. At at 10 a.m., January's ISM services index will also be reported. Finally, weekly crude inventories figures are due out around 10:30 a.m. Oil prices rose above $41 a barrel ahead of the report.

Overseas, Asian stocks rallied Wednesday after some better-than-expected news about the U.S. and Chinese economies raised hopes the global downturn was nearing a bottom. European markets opened modestly higher. Both regions following U.S. markets advances Tuesday.
Meanwhile, President Obama apparently wants to impose a $500,000 pay cap on executives, in what some started calling it the maximum wage. The cap is only for firms receiving government financial rescue funds.

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