Investing.com - U.S. stock futures edged lower on Wednesday, as investors awaited the release of a key employment report from the U.S. for further signs of recovery in the world’s largest economy while concerns over the debt crisis in the euro zone lingered.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a fall of 0.16%, S&P 500 futures signaled a 0.21% decline, while the Nasdaq 100 futures indicated 0.19% loss.
Investor confidence weakened after the final euro zone manufacturing data for April came in weaker-than-expected, while German manufacturing output fell at the fastest rate since July 2009.
Meanwhile, a separate report showed that the unemployment rate in the euro zone rose to a fresh record high of 10.9% in March.
Stocks broadly rallied on Tuesday after data showed that U.S. manufacturing sector rose at the fastest rate in 10 months in April.
The robust data offset concerns that the economic recovery in the U.S. is losing momentum in the wake of a string of recent disappointing data and dampened speculation over the possibility of a third round of easing by the Federal Reserve.
The auto sector was expected to be active on Wednesday, as U.S. auto sales rose 2.3% in April, helped by strong gains at Toyota Motor Corp and Chrysler Group, as American shoppers looked to replace their aging cars and trucks and the broader U.S. economy showed signs of strength.
Rupert Murdoch's News Corp was also likely to be in focus after BSkyB posted record nine-month operating profit boosted by strong broadband growth, showing few side effects from problems affecting its biggest shareholder.
On Tuesday, Murdoch was said to be “an unfit person to exercise the stewardship of a major international company,” by a committee of British parliamentarians.
In the energy sector, Chesapeake was set to be closely watched, as shares plunged 5.77% in pre-market trade after the company reported an unexpected first-quarter loss, cut cash flow estimates, reduced its drilling budget and said it may run out of money next year under the weight of the lowest natural-gas prices in a decade.
BP was also down 0.68% in early New York trading, as the oil giant remained affected by the announcement on Tuesday of a drop in first-quarter profit due to a decline in production following the 2010 oil spill.
Other stocks in focus included Visa, MasterCard, Whole Foods and Franklin Resources, due to announce results later in the day.
Markets were also eyeing Facebook Inc's initial public offering, scheduled to start on Monday, meaning the company's shares should begin trading on May 18.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 fell 0.21%, France’s CAC 40 rose 0.53%, Germany's DAX eased up 0.13%, while Britain's FTSE 100 dropped 0.69%.
During the Asian trading session, Hong Kong's Hang Seng Index climbed 0.97%, while Japan’s Nikkei 225 Index was up 0.15%.
Later in the day, the U.S. was to produce a report on non-farm employment change, followed by government data on factory orders and crude oil stockpiles.
Ahead of the open, the Dow Jones Industrial Average futures pointed to a fall of 0.16%, S&P 500 futures signaled a 0.21% decline, while the Nasdaq 100 futures indicated 0.19% loss.
Investor confidence weakened after the final euro zone manufacturing data for April came in weaker-than-expected, while German manufacturing output fell at the fastest rate since July 2009.
Meanwhile, a separate report showed that the unemployment rate in the euro zone rose to a fresh record high of 10.9% in March.
Stocks broadly rallied on Tuesday after data showed that U.S. manufacturing sector rose at the fastest rate in 10 months in April.
The robust data offset concerns that the economic recovery in the U.S. is losing momentum in the wake of a string of recent disappointing data and dampened speculation over the possibility of a third round of easing by the Federal Reserve.
The auto sector was expected to be active on Wednesday, as U.S. auto sales rose 2.3% in April, helped by strong gains at Toyota Motor Corp and Chrysler Group, as American shoppers looked to replace their aging cars and trucks and the broader U.S. economy showed signs of strength.
Rupert Murdoch's News Corp was also likely to be in focus after BSkyB posted record nine-month operating profit boosted by strong broadband growth, showing few side effects from problems affecting its biggest shareholder.
On Tuesday, Murdoch was said to be “an unfit person to exercise the stewardship of a major international company,” by a committee of British parliamentarians.
In the energy sector, Chesapeake was set to be closely watched, as shares plunged 5.77% in pre-market trade after the company reported an unexpected first-quarter loss, cut cash flow estimates, reduced its drilling budget and said it may run out of money next year under the weight of the lowest natural-gas prices in a decade.
BP was also down 0.68% in early New York trading, as the oil giant remained affected by the announcement on Tuesday of a drop in first-quarter profit due to a decline in production following the 2010 oil spill.
Other stocks in focus included Visa, MasterCard, Whole Foods and Franklin Resources, due to announce results later in the day.
Markets were also eyeing Facebook Inc's initial public offering, scheduled to start on Monday, meaning the company's shares should begin trading on May 18.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 fell 0.21%, France’s CAC 40 rose 0.53%, Germany's DAX eased up 0.13%, while Britain's FTSE 100 dropped 0.69%.
During the Asian trading session, Hong Kong's Hang Seng Index climbed 0.97%, while Japan’s Nikkei 225 Index was up 0.15%.
Later in the day, the U.S. was to produce a report on non-farm employment change, followed by government data on factory orders and crude oil stockpiles.