Tesla gains premarket after Nomura's upbeat take, while Mylan gets a big lift from an FDA OK
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U.S. stock futures on Wednesday pointed to little change at the open, putting the Dow on track to take a breather after its five-session climb to never-before-seen levels.
What stock benchmarks are doing
S&P 500 futures edged down by 2.30 points, or 0.1%, to 2,530.50, while Dow Jones Industrial Average futures inched lower by 16 points, or 0.1%, to 22,592.00. Nasdaq-100 futures dipped by 9.25 points, or 0.2%, to 5,988.75.
On Tuesday, the S&P 500 , Dow and Nasdaq Composite posted gains that ranged from 0.2% to 0.4% and logged all-time closing highs for a second day in a row (http://www.marketwatch.com/story/sp-500-on-track-for-6th-win-in-a-row-as-stock-futures-edge-higher-2017-10-03).
What could drive markets?
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ADP's private-sector jobs report for September is due at 8:15 a.m. Eastern Time. It comes ahead of the government's monthly release on nonfarm payrolls that is scheduled for Friday.
Markit's September figure for its services purchasing managers' index is expected at 9:45 a.m. Eastern, then a September number for ISM's non-manufacturing index is on tap for 10 a.m. Eastern.
Check out:MarketWatch's Economic Calendar (http://www.marketwatch.com/economy-politics/calendars/economic)
On the Federal Reserve front, Fed chief Janet Yellen is due to give brief opening remarks at a conference on community banking at the St. Louis Fed at 3:15 p.m. Eastern Time, and her second-in-command Stanley Fischer took part in a TV interview ahead of the open, saying the pace of interest-rate hikes was "OK."
What are strategists saying?
-- "A soft ISM reading will diminish hopes for a steady NFP report at the end of the week," said Konstantinos Anthis, an ADS Securities analyst, in a note. "At the same time, the ADP employment figures will also act as an appetizer for traders looking to gauge the performance of the U.S. labor market last month."
-- "Wall Street continues to remain bullish with further all-time highs for the S&P 500," said Richard Perry, a Hantec Markets analyst, in a note.
Which stocks are in focus?
Shares in electric-car maker Tesla Inc.(TSLA) rose 0.9% to around $351 in premarket action after Nomura analysts initiated coverage with a buy rating and price target of $500 (http://www.marketwatch.com/story/teslatstock-gains-after-nomura-initiates-with-street-high-500-price-target-2017-10-03).
Shares in Mylan NV(MYL) climbed 14% in premarket action after the maker of generic drugs late Tuesday announced (http://www.prnewswire.com/news-releases/mylan-announces-us-fda-approval-of-first-generic-for-copaxone-40-mgml-3-times-a-week-and-may-be-eligible-for-180-day-exclusivity-300530551.html) that the Food and Drug Administration had approved its generic versions for Teva Pharmaceutical Industries Ltd.'s Copaxone, a drug for people with relapsing forms of multiple sclerosis. Teva's stock (TEVA) fell 15% in premarket trading.
Shares in PepsiCo Inc.(PEP) dropped 1% ahead of the open after the drinks heavyweight posted better-than-expected profit but weaker-than-anticipated revenue (http://www.marketwatch.com/story/pepsis-stock-gains-after-profit-beat-offsets-sales-miss-2017-10-04). Seeds and pesticides giant Monsanto Co.(MON) was also among the companies slated to post quarterly earnings before the open.
Amazon.com Inc.'s stock (AMZN) fell 0.4% premarket after a European Union regulator ordered the e-commerce giant to pay about $300 million in back taxes (http://www.marketwatch.com/story/eu-orders-amazon-to-pay-250-million-in-back-taxes-to-luxembourg-2017-10-04) to Luxembourg. The order had been expected to come this week.
Office Depot Inc.(ODP) dropped 6% after the retailer late Tuesday said it's lowering its 2017 profit guidance and plans to pay $1 billion (http://www.marketwatch.com/story/office-depot-to-buy-compucom-for-1-billion-lowers-guidance-2017-10-03) for IT company CompuCom Systems Inc.
Shares in Verizon Communications Inc.(VZ) were little changed premarket after the telecom announced late Tuesday that every Yahoo account was affected by a 2013 hack (http://www.marketwatch.com/story/every-yahoo-account-was-affected-by-2013-hack-verizon-now-says-2017-10-03). Verizon completed its acquisition (http://www.marketwatch.com/story/marissa-mayer-steps-down-as-verizon-acquisition-of-yahoo-is-complete-2017-06-13) of ailing internet pioneer Yahoo in June.
What other assets are doing
European stocks (http://www.marketwatch.com/story/spanish-stocks-lead-europe-lower-as-catalonia-dispute-intensifies-2017-10-04) traded lower, with Spain's IBEX benchmark among the biggest losers after Catalonia's leaders reiterated their pledge to declare independence while King Felipe VI said they have "undermined harmony." (http://www.marketwatch.com/story/spains-king-says-catalan-separatists-have-undermined-harmony-2017-10-03)
Asian markets largely closed with gains (http://www.marketwatch.com/story/hong-kong-stocks-flirt-with-10-year-high-2017-10-03), as Hong Kong's Hang Seng Index flirted with a 10-year high but then pared some gains.
Oil futures and the ICE U.S. Dollar Index pulled back, while gold futures advanced.
(END) Dow Jones Newswires
October 04, 2017 07:48 ET (11:48 GMT)