Wednesday, October 1, 2014

Stock Market Today: Futures Slip as U.S. Private Sector Adds Jobs

NEW YORK (TheStreet) -- U.S. stock index futures were slipping Wednesday despite a slightly better-than-expected private payrolls report. Investors alsoadigested newsathat officials have diagnosedathe first case in the U.S. of the highly deadly Ebola virus that has killed more than 3,000 people in West Africa during the current outbreak. U.S. private payrolls grew by a more-than-expected 213,000 in September, according to the ADP employment change report.a Must Read: 10 Stocks Carl Icahn Loves in 2014 Dow Jones Industrial Average futures were off 22 points or 9.9 points below fair value. S&P 500 futures fell 3.5 points, or 2.59 points below fair value. Nasdaq futures dipped 11.5 points, or 7.79 points below fair value. In Hong Kong, a turnout of thousands for pro-Democracy demonstrations during China's 65th National Day was fuelling fears of a government clampdown and a flare-up of geopolitical threats.aThe Hong Kong market was closed on Wednesday. It tumbled 1.28% on Tuesday. European stocks were mixed, with London markets moving lower on disappointing economic news and corporate worries.a Must Read: October 1 Premarket Briefing: 10 Things You Should Know The economic calendar on Wednesday also includes the Markit PMI manufacturing index for last month at 9:45 a.m. EDT, the composite index from the ISM manufacturing survey for September at 10 a.m., and construction spending data for August at 10 a.m. U.S. stock indices finished Tuesday with a fizzle on quarter-end squaring and profit-taking as the S&P took a dive for the month. But all three major benchmarks closed out higher for the quarter. Overallagains were supported byaexpectations that the Federal Reserve would refrain from its first rate hike until mid-2015 and evidence of a gradually improving U.S. economy, which offset the geopolitical turbulence that weighed on September and kept it in a trading range. "Where do we go from here as we enter the final trading quarter of the year?," said Peter Cardillo, chief market economist at Rockwell Global Capital.a"We see the trading range continuing in the intermediate near term, as investors warm up to quarterly earnings results."aCardilloapredicted the resultsawill show overall growth and recommended buying the dips.a"A strong rally is likely to develop in the fourth quarter," he said. In individual stock headlines Wednesday, shares of Tekmira Pharmaceuticals jumped after officials announced that the first case of Ebola had been diagnosed in the U.S. The Centers for Disease Control said a patient being treated at a hospital in Dallas tested positive for the disease. Tekmira has been working on a treatment for the deadly disease. Tekmira advanced 27.72% in premarket trading. Amazon.com appears to be close to settling a nearly two-month dispute with Walt Disney during which the online retailer stopped offering Disney DVDs for preorder, The Wall Street Journal reported. Automakers such as Ford and General Motors will be releasing auto sales for September throughout the day. Angie's List reportedly has hired bankers to explore strategic options, including a sale of the company. The stock jumped 14.8% in premarket trading on Wednesday. A federal judge on Tuesday ruled against investors who are trying to collect billions of dollars in profits of government-chartered mortgage companies Fannie Mae and Freddie Mac . The United States Oil Fund and the SPDR Gold Trust were both flat. Must Read: Stock Market Today: Stocks Fizzle, but End Higher for the Quarter -- By Andrea Tse in New York Follow @AndreaTTse


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