U.S. stock futures climbed Wednesday morning, as European markets continued their drive higher and ahead of data on the U.S. labor market and economic conditions in the Chicago region. Soon, at 8:15 a.m. Eastern, the September ADP Employment survey will be released. Economists expect a decline of 200,000 in jobs according to Briefing.com. At 8:30 a.m., the final release of second-quarter gross domestic product is due out, as well as September Chicago PMI data. GDP is expected to have shrunk at a 1.2% annualized rate, versus the previously reported 1% rate and Chicago PMI is expected to show an uptick to 52 from 50 the month before.
Overseas, European stocks rose after an upbeat report by the International Monetary Fund and a fall in Germany's unemployment rate offset worries over weak U.S. consumer confidence. Asian markets closed mixed.
The IMF said Wednesday that likely losses from the financial crisis in the three years to 2010 have been reduced by $600 billion to $3.4 trillion as the world economy grows faster than previously expected.
In the U.S., mortgage applications fell 2.8 percent last week from a four-month high, led by a decline in purchases, according to the Mortgage Bankers Association. The gauge of refinancing decreased 0.8 percent and a measure of purchases dropped 6.2 percent.
As for oil, strengthening stock markets in Europe helped push oil prices to near $68 a barrel Wednesday despite API data showing U.S. crude inventories rose for a third week, suggesting consumer demand remains weak. Weekly crude inventories from EIA are due out at 10:30 a.m.
Entrepreneur's Journal: Want to get a piece of the Buffett/Goldman honeypot?
The week in preview: No turkey earnings from Tyson, Hormel, Cracker Barrel ...
Comfort Zone Investing: Intel is saying something ... can you hear it?
Add your comments