U.S. stock futures edged lower Wednesday morning indicating stocks are set to start a third day of losses. On Tuesday, U.S. markets fell about 2% as investors were concerned about the economic recovery and too strong a rally in the summer months. The financial sector is in focus this morning with Wall Streeters worried banks and insurers stocks may be overvalued. Meanwhile, as overseas markets continued to be weak, more economic indicators due out this morning could clear up the economic picture somewhat.
Economic data due out today includes:
- At 7:30 a.m., outplacement firm Challenger will release a report on job cuts.
- At 8:15 a.m., ADP will report on private payrolls.
- At 8:30 a.m. second quarter productivity data is on tap.
- At 10:00 a.m., July factory orders is due out. The last two reports are expected to show an increase in activity, which is indicative of improved living standard and economic growth.
- Last, but not least, at 2:00 p.m., the Federal Reserve will release the minutes of the last policy meeting, which includes more information about the direction the Fed thinks the economy is heading.
Finally, oil prices hovered above $68 a barrel Wednesday after a two-day plunge as a drop in U.S. crude inventories as reported by the API Tuesday suggested demand may be recovering. At 10:30 a.m. this morning, the Energy Department reports weekly supply figures.
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