Investing.com - U.S. stock futures pointed to a steady open on Wednesday, as investors eyed the release of key U.S. employment data later in the day, while global growth concerns continued to weigh on market sentiment.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.03% rise, S&P 500 futures signaled a 0.01% gain, while the Nasdaq 100 futures indicated a 0.13% increase.
Market sentiment weakened after Spanish Prime Minister Mariano Rajoy on Tuesday ruled out a bailout request before this weekend, despite persistent speculation that Madrid was moving closer to requesting external financial aid.
Investors were also cautious after weak service sector data out of Europe and China fuelled concerns over the outlook for the global economic recovery.
Earlier Wednesday, official data showed that growth in China’s service sector moderated in September, underlining concerns over a slowdown in the world’s second largest economy.
The tech sector was expected to be active, as Hewlett-Packard was to hold an analyst day meeting and investors were expected to grill Chief Executive Meg Whitman on how she plans to reverse a share price that has lost more value this year than almost any other major technology company.
Meanwhile, Google subsidiary Motorola Mobility reportedly dropped a complaint of patent infringement against Apple without explanation. Shares in the iPhone maker were up 0.56% in pre-market trade.
Retailers were also likely to be in focus, after Reuters reported that Best Buy founder Richard Schulze and at least four private-equity firms are looking at the company’s finances with a view to a possible USD11 billion buyout. Shares in Best Buy surged 5.19% in pre-market trade.
Supervalu also gained ground, with shares jumping 1.75% pre-market, after people with knowledge of the matter said the company has attracted interest from billionaire Ronald Burkle and buyout firms KKR & Co. and TPG Capital.
In addition, financial stocks were slated to move, as JP Morgan continued to attract media attention after New York’s attorney general filed a fraud lawsuit against the U.S. lender earlier in the week.
Other stocks in focus included Monsanto, the world's largest seed company, as well as Marriott International and retailer Family Dollar, due to report quarterly earnings.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 fell 0.10%, France’s CAC 40 dropped 0.29%, Germany's DAX inched up 0.01%, while Britain's FTSE 100 eased up 0.03%.
During the Asian trading session, Hong Kong's Hang Seng Index rose 0.23%, while Japan’s Nikkei 225 Index declined 0.45%.
Later in the day, the U.S. was to produce a report on ADP nonfarm payrolls and the Institute of Supply Management was to produce data on U.S. service sector activity.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.03% rise, S&P 500 futures signaled a 0.01% gain, while the Nasdaq 100 futures indicated a 0.13% increase.
Market sentiment weakened after Spanish Prime Minister Mariano Rajoy on Tuesday ruled out a bailout request before this weekend, despite persistent speculation that Madrid was moving closer to requesting external financial aid.
Investors were also cautious after weak service sector data out of Europe and China fuelled concerns over the outlook for the global economic recovery.
Earlier Wednesday, official data showed that growth in China’s service sector moderated in September, underlining concerns over a slowdown in the world’s second largest economy.
The tech sector was expected to be active, as Hewlett-Packard was to hold an analyst day meeting and investors were expected to grill Chief Executive Meg Whitman on how she plans to reverse a share price that has lost more value this year than almost any other major technology company.
Meanwhile, Google subsidiary Motorola Mobility reportedly dropped a complaint of patent infringement against Apple without explanation. Shares in the iPhone maker were up 0.56% in pre-market trade.
Retailers were also likely to be in focus, after Reuters reported that Best Buy founder Richard Schulze and at least four private-equity firms are looking at the company’s finances with a view to a possible USD11 billion buyout. Shares in Best Buy surged 5.19% in pre-market trade.
Supervalu also gained ground, with shares jumping 1.75% pre-market, after people with knowledge of the matter said the company has attracted interest from billionaire Ronald Burkle and buyout firms KKR & Co. and TPG Capital.
In addition, financial stocks were slated to move, as JP Morgan continued to attract media attention after New York’s attorney general filed a fraud lawsuit against the U.S. lender earlier in the week.
Other stocks in focus included Monsanto, the world's largest seed company, as well as Marriott International and retailer Family Dollar, due to report quarterly earnings.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 fell 0.10%, France’s CAC 40 dropped 0.29%, Germany's DAX inched up 0.01%, while Britain's FTSE 100 eased up 0.03%.
During the Asian trading session, Hong Kong's Hang Seng Index rose 0.23%, while Japan’s Nikkei 225 Index declined 0.45%.
Later in the day, the U.S. was to produce a report on ADP nonfarm payrolls and the Institute of Supply Management was to produce data on U.S. service sector activity.