US futures begin fourth quarter flat

The US bourse is set to open higher as European leaders get ready to meet.

The US bourse is set to open higher as European leaders get ready to meet.

Published Oct 1, 2014

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New York - US stock index futures were little changed on Wednesday as investors looked ahead to a number of economic reports that could set the tone for the fourth quarter on Wall Street.

* Markets are coming off a positive third quarter with a seventh straight quarterly gain for both the S&P 500 and Nasdaq, but also a decline for major indexes in September.

* The S&P has largely traded in a range for the past six weeks, finding resistance at its record close and support at its 50-day moving average.

While the benchmark index closed slightly below that average on Tuesday, it hasn't closed beneath it for two consecutive sessions since August.

* Investors are looking ahead to the ADP National Employment report, which is seen showing 210,000 private-sector jobs added in September, up from 204,000 in August.

That report is due at 8:15 a.m. EDT (14:15 SA time) and will be closely watched for clues into the strength of the upcoming September jobs report, which will be released Friday and is coming off a weak read in August.

* After the market opens, reads on construction spending and manufacturing will be released.

Construction spending is seen up 0.5 percent in August, while the Institute for Supply Management's read on September manufacturing is expected to dip to 58.5 from 59.

* Overseas issues will stay in focus, including the ongoing unrest in Hong Kong.

While the economic fallout of the protests is unclear, signs of flagging growth in China have been a concern for investors and an extended period of strife could add to those fears.

 

Futures snapshot at 6:44 a.m. EDT (12:44 SA time):

* S&P 500 e-minis were falling 2.25 points, or 0.11 percent, with 128,355 contracts changing hands.

* Nasdaq 100 e-minis were down 7.25 points, or 0.18 percent, in volume of 24,176 contracts.

* Dow e-minis were down 11 points, or 0.06 percent, with 17,685 contracts changing hands. - Reuters

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