MARKET SNAPSHOT: U.S. Stocks Set To Catch Their Breath After Record Run, But Tesla, Mylan Rise

By Victor Reklaitis, MarketWatchFeaturesDow Jones Newswires

Tesla gains premarket after Nomura's upbeat take, while Mylan gets a big lift from an FDA OK

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.

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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 (

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 (

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 (

Shares in Mylan NV(MYL) climbed 14% in premarket action after the maker of generic drugs late Tuesday announced ( 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 ( Seeds and pesticides giant Monsanto Co.(MON) was also among the companies slated to post quarterly earnings before the open. 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 ( 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 ( 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 ( Verizon completed its acquisition ( of ailing internet pioneer Yahoo in June.

What other assets are doing

European stocks ( 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." (

Asian markets largely closed with gains (, 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)