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US STOCKS-Futures edge up ahead of ADP jobs data, Yellen testimony
November 4, 2015 / 12:30 PM / 2 years ago

US STOCKS-Futures edge up ahead of ADP jobs data, Yellen testimony

* Futures up: Dow 32 pts, S&P 3.25 pts, Nasdaq 11.5 pts

By Abhiram Nandakumar

Nov 4 (Reuters) - U.S. stock index futures were marginally higher on Wednesday ahead of the release of a fresh batch of economic data, including a report on job growth in the private sector.

* The ADP’s report on private employment is forecast to show an increase of 180,000 jobs in October, compared with a rise of 200,000 in September.

** The data, due at 8:15 a.m. ET (1215 GMT), comes ahead of Friday’s more comprehensive nonfarm payrolls data.

* Federal Reserve Chair Janet Yellen is scheduled to provide testimony on Fed actions and plans for bank regulation and supervision before the House Financial Services Committee at 10:00 a.m. ET.

* Her testimony comes as the central bank deliberates on raising interest rates for the first time in nearly a decade.

* Fed Vice Chair Stanley Fischer and New York Fed President William Dudley are slated to speak at separate events on Wednesday.

* Global stocks gained after private-sector surveys in Europe pointed to a strong growth path in the fourth quarter and comments from China’s president lifted Shanghai stocks.

* European Central Bank President Mario Draghi said policymakers would review stimulus measures when they meet in December and remain willing and able to act if needed.

* U.S. stocks closed higher on Tuesday, with the Nasdaq 100 closing at a record high, riding on gains in the technology and energy sectors.

* Tesla’s shares rose 8.4 percent to $225.93 premarket on Wednesday after the company promised to speed up production of its electric cars.

* Groupon slumped 24.3 percent to $3.05 after it forecast weak fourth-quarter and 2016 revenue.

* Michael Kors rose 5.5 percent to $41.50 after the handbag maker reported a rise in quarterly revenue.

* Other data due on Wednesday includes the U.S. trade data, which is expected to show the trade deficit narrowed sharply in September to $41.1 billion from $48.3 billion in August. The report is scheduled at 8:30 a.m.

* The Institute of Supply Management’s non-manufacturing index is forecast to have slipped to 56.5 in October from 56.9 in the previous month. The data is due at 10:00 a.m.

* Facebook and Qualcomm are scheduled to report results after the close.

Futures snapshot at 7:12 a.m. ET:

* S&P 500 e-minis were up 3.25 points, or 0.15 percent, with 113,535 contracts traded.

* Nasdaq 100 e-minis were up 11.5 points, or 0.24 percent, on volume of 17,551 contracts.

* Dow e-minis were up 32 points, or 0.18 percent, with 15,910 contracts changing hands. (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Savio D‘Souza)

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