ADP jobs report on deck ahead of the bell
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U.S. stock benchmarks were set for a fresh run into the record books on Wednesday, with a premarket rally for Apple Inc. tilting the broader market higher and putting the Dow industrials on track to carve out a milestone at 22,000.
Traders were also looking ahead to the closely watched private-sector jobs report from ADP and another raft of corporate earnings, which have fueled the recent climb in U.S. equity markets.
Futures for the Dow Jones Industrial Average were up 44 points, or 0.2%, to 21,940. The blue-chip benchmark on Tuesday closed up 0.3% (http://www.marketwatch.com/story/dow-futures-jump-more-than-100-points-signal-all-time-high-at-the-open-2017-08-01) at 21,963.92, and a 37-point gain at the open would take the index above the 22,000 handle for the first time.
Meanwhile, futures for the Nasdaq-100 index rose 42.75 points, or 0.7%, to 5,931.75 on Wednesday, fueled by a rally in Apple Inc. shares (AAPL), which reported better-than-expected quarterly results late Tuesday.
Read:Apple's earnings-driven gain puts the Dow on pace to top 22,000 (http://www.marketwatch.com/story/apples-earnings-driven-gain-puts-the-dow-on-pace-to-top-22000-2017-08-02)
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Futures for the S&P 500 index climbed 0.45 point to 2,472.75, and was switching between slight gains and losses.
The Nasdaq Composite and S&P both rose 0.2% on Tuesday, breaking a three-session losing run.
"U.S. investors have continued to turn a deaf ear to the ongoing political intrigue unfolding in Washington DC, however that could well change if the comings and goings turn into something that could prompt the possible impeachment of the president," said Michael Hewson, chief market analyst at CMC Markets, in a note.
"For now the direction of travel continues to remain positive, with the Dow in touching distance of the [22,000] level," he added.
The continuing drama at the White House continued this week, after communications director Anthony Scaramucci on Monday was removed from his post (http://www.marketwatch.com/story/anthony-scaramucci-ousted-as-white-house-communications-director-2017-07-31-151031643) after just 10 days in the job.
Opinion: If Trump were America's CEO, he would be gone by now (http://www.marketwatch.com/story/if-trump-were-americas-ceo-he-would-be-gone-by-now-2017-07-31)
Stock movers: Shares of Apple jumped 5.8% in heavy premarket trade Wednesday after the tech giant late Tuesday reported stronger-than-expected quarterly earnings (http://www.marketwatch.com/story/apple-shares-soar-as-fiscal-third-quarter-earnings-beat-expectations-2017-08-01) and iPhone sales that met expectations. The stock is now on track to open at a record level, taking out the previous high of $156.65 set in May, according to FactSet data.
Read:Apple's earnings have Wall Street learning to 'stop worrying and love the super cycle' (http://www.marketwatch.com/story/apples-earnings-have-wall-street-learning-to-stop-worrying-and-love-the-super-cycle-2017-08-02)
"The solid guidance on unit sales for the 4th quarter eased concerns that the new iPhone launch would be hampered by production delays," said Jasper Lawler, head of research at London Capital Group, in a note.
Match Group Inc.(MTCH) slid 6% ahead of the bell after the online dating company late Tuesday turned in earnings that fell short of forecasts (http://www.marketwatch.com/story/match-group-shares-slip-after-earnings-miss-announced-leadership-shuffle-2017-08-01) and announced a new chief executive.
Earnings docket: Health plan administrator Humana Inc.(HUM) reported earnings that beat forecasts and lifted its full-year outlook (http://www.marketwatch.com/story/humana-beats-profit-expectatons-and-lifts-outlook-but-revenue-falls-shy-2017-08-02), while Burger King parent Restaurant Brands International Inc.(QSR) missed profit forecasts (http://www.marketwatch.com/story/burger-king-parent-restaurant-brands-misses-profit-revenue-estimates-2017-08-02).
Mondelez International Inc.(MDLZ) topped earnings forecasts and said its CEO Irene Rosenfeld will step down effective November.
Time Warner Inc. (TWX) rose 1.3% before the bell after its earnings easily beat forecasts.
Shares of Molson Coors Brewing Co. (TAP) slid 1.3% premarket after the brewer reported a drop in sales.
And after the market closes, Tesla Inc.(TSLA) , Fitbit Inc.(FIT) and American International Group Inc.(AIG) are among major companies slated to report.
Read:Tesla earnings -- Will Model 3 live up to the hype? (http://www.marketwatch.com/story/tesla-earnings-will-model-3-live-up-to-the-hype-2017-07-27)
Economic news: In an otherwise busy week for economic data, the only major release Wednesday is the ADP private payrolls report for July, expected at 8:15 a.m. Eastern Time.
The data are seen as a precursor of the strength of the top-tier nonfarm payrolls report out on Friday, although the two jobs figures sometimes wary widely.
Read:Ignoring Washington chaos, companies likely kept up strong hiring in July (http://www.marketwatch.com/story/ignoring-washington-chaos-companies-likely-kept-up-strong-hiring-in-july-2017-07-30)
Opinion:U.S. economy needs to create 4.4 million more jobs (http://www.marketwatch.com/story/economy-needs-to-create-44-million-more-jobs-2017-07-31)
In Federal Reserve news, Cleveland Fed President Loretta Mester will give a speech on the economic outlook at the Community Bankers Association of Ohio's annual convention in Cincinnati Ohio at 11 a.m. Eastern.
San Francisco Fed president John Williams will talk about monetary policy in Las Vegas, NV at 3:30 p.m. Eastern.
Other markets: The dollar resumed its selloff Wednesday (http://www.marketwatch.com/story/dollar-languishes-at-15-month-low-with-adps-jobs-report-waiting-in-the-wings-2017-08-02), with the ICE Dollar Index down 0.2% at 92.829.
Oil prices swinging between gains and losses (http://www.marketwatch.com/story/oil-extends-losses-as-oversupply-fears-return-us-data-loom-2017-08-02), after the American Petroleum Institute on Tuesday said U.S. crude inventories unexpectedly rose last week, by 1.8 million barrels.
Gold dropped 0.5% to $1,272.60 an ounce.
Asian markets closed mixed (http://www.marketwatch.com/story/asian-markets-get-boost-from-apples-strong-earnings-2017-08-01), European stocks traded mostly lower.
(END) Dow Jones Newswires
August 02, 2017 07:32 ET (11:32 GMT)