MARKET SNAPSHOT: S&P 500 Aims For 4th Up Session In A Row As Traders Wait For GDP Report

By Victor Reklaitis, MarketWatch Features Dow Jones Newswires

ADP's monthly report on private-sector jobs also on tap

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U.S. stock futures on Wednesday signaled a small rise at the open, putting the S&P 500 on track for its fourth up session in a row.

Investors are waiting for a reading on U.S. economic growth and ADP's monthly report on private-sector jobs, as they also monitor the fallout from Hurricane Harvey and North Korea's latest missile launch.

S&P 500 futures rose by 0.65 points, or less than 0.1%, to 2,447.75, while Dow Jones Industrial Average futures tacked on 19 points, or 0.1%, to 21,893.00. Nasdaq-100 futures added 4.75 points, or 0.1%, to 5,874.50.

On Tuesday, the S&P , Dow and Nasdaq Composite closed higher (http://www.marketwatch.com/story/dow-futures-stumble-more-than-100-points-as-north-korea-tensions-flare-up-again-2017-08-29), bouncing back from early losses that came after a North Korean missile test over Japan. Following gains for three consecutive trading days, the S&P has cut its August loss to 1% and stands 1.4% below its record close hit earlier this month.

Read:Dow industrials just booked the best intraday comeback in 9 months (http://www.marketwatch.com/story/dow-just-booked-its-best-intraday-comeback-in-9-months-2017-08-29)

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"Flare ups on the Korean Peninsula are nothing new, and previous instances have always resulted in a winding back of tension," said Michael Hewson, chief market analyst at CMC Markets U.K., in a note Wednesday. But he added that markets might be "rather naive" to think "that current events can be contained."

Economic data getting attention: "Away from the focus on North Korea and the economic damage that Tropical Storm Harvey continues to reap on the U.S., today's key events on the data front are on the U.S. ADP employment report for August, as well as the latest revisions to U.S. Q2 GDP," Hewson said.

Economists polled by MarketWatch expect the release on the gross domestic product to show 2.8% growth in the second quarter. It's due at 8:30 a.m. Eastern Time.

Meanwhile, ADP's release is slated to hit at 8:15 a.m. Eastern, and it comes ahead of Friday's much-anticipated report on nonfarm payrolls.

Check out:MarketWatch's Economic Calendar (http://www.marketwatch.com/economy-politics/calendars/economic)

On the Federal Reserve front, Fed Gov. Jerome Powell is due to give a speech at 9:15 a.m. Eastern on the role of boards at large financial firms, as he takes part in a Chicago Fed conference.

Other markets:Oil futures (http://www.marketwatch.com/story/oil-pulls-back-further-as-harvey-continues-to-weigh-2017-08-30) traded lower, as investors tracked Harvey's impact and appeared to ignore data that showed a drop in U.S. crude supplies (http://www.marketwatch.com/story/api-data-show-drop-in-us-crude-supply-but-gasoline-stockpiles-edge-higher-sources-2017-08-29). European and Asian equities (http://www.marketwatch.com/story/asian-markets-rebound-shrugging-off-north-korea-tensions-2017-08-29) have rebounded after North Korea worries fueled a selloff on Tuesday. Gold futures pulled back, and a key dollar index stepped higher.

Earnings and deal news: Shares in H&R Block Inc.(HRB) look set for a down day after falling late Tuesday as the tax preparer posted a wider-than-expected quarterly loss (http://www.marketwatch.com/story/hr-block-shares-fall-5-after-wider-fiscal-q1-loss-2017-08-29).

Jack Daniel's parent Brown-Forman Corp.(BFA) is among the companies expected to post earnings before the open.

Rockwell Collins Inc.(COL) is likely to see active trading following news that United Technologies Corp.(UTX) is nearing a deal to buy it for more than $20 billion (http://www.marketwatch.com/story/united-technologies-closing-in-on-20-billion-deal-for-rockwell-2017-08-29), a tie-up that would create one of the world's biggest aircraft-equipment makers.

(END) Dow Jones Newswires

August 30, 2017 08:10 ET (12:10 GMT)