Tesla's stock rises in premarket action after Nomura starts coverage with buy rating and price target of $500
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.
Continue Reading Below
What stock benchmarks are doing
S&P 500 futures edged down by 1.55 points, or less than 0.1%, to 2,531.25, while Dow Jones Industrial Average futures inched lower by 6 points to 22,602.00. Nasdaq-100 futures dipped by 5.50 points to 5,992.50.
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?
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 was taking 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 1% to around $352 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 15% 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 9% in premarket trading.
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) could see active trading 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) could come under pressure after the telecom company 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 06:43 ET (10:43 GMT)