U.S. futures steady ahead of economic reports; Dow Jones down 0.04%
Investing.com
Published Sep 05, 2013 06:25AM ET
Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.04% loss, S&P 500 futures signaled a 0.02% dip, while the Nasdaq 100 futures indicated a 0.06% gain.
Upbeat U.S. manufacturing data on Tuesday reinforced expectations that the Fed could start to phase out stimulus measures as soon as this month.
Investors were especially looking ahead to Friday’s highly-anticipated U.S. nonfarm payrolls report which is seen as key to the Fed’s decision on tapering.
Market participants remained cautious after the U.S. Senate's Foreign Relations Committee approved a resolution on authorizing limited U.S. military intervention in Syria. The full Senate is expected to vote on military action on September 9.
Tech stocks were expected to be active, amid reports Apple will offer a low-cost handset when it introduces its updated iPhone on September 10.
Such a move would help seal a deal with China Mobile, which currently has 63% of the country’s 1.19 billion wireless accounts. Apple shares were up 0.46% in pre-market trade.
Separately, Samsung Electronics set the price of its Galaxy Gear at USD299, unveiling a wristwatch device that can make phone calls, surf the Web and take photos.
Aircraft manufacturers were also likely to be in focus, after Delta Air Lines purchased 40 Airbus jet planes for USD5.6 billion, as the company refreshes the most-diverse fleet of any U.S. carrier.
Other stocks likely to be in focus included Conn's, the only U.S. company scheduled to report second-quarter earnings later in the day.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 edged up 0.12%, France’s CAC 40 rose 0.23%, Germany's DAX added 0.13%, while Britain's FTSE 100 gained 0.31%.
During the Asian trading session, Hong Kong's Hang Seng Index jumped 1.22%, while Japan’s Nikkei 225 Index eased up 0.08%.
Later in the day, the U.S. was to release the ADP nonfarm payrolls report on private sector job creation, as well as the weekly government report on initial jobless claims.
In addition, the ISM was to release data on non-manufacturing activity in the U.S.
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