US Futures pare gains after ADP data
By Nagendra Padala | July 1, 2010 3:54 AM EST
Futures on major U.S. stock indices pared earlier gains after Automatic Data processing (ADP) reported that private employment increased less than economists' estimate in June.
The ADP National Employment Report which measures the monthly change of nonfarm private employment increased 13,000 from May to June 2010 on a seasonally adjusted basis. But the growth is far below from the economists' estimate at 58,000. The ADP doesn't count public-sector jobs and the data came just two days before the government's non-farm payrolls report released on Friday.
Futures on the S&P 500 are up 0.23 percent after gaining as much as 0.70 percent earlier, futures on the Dow Jones Industrial Average are up 0.21 percent and Nasdaq100 futures are up 0.17 percent.
Earlier today futures gained as Europe confidence rose after ECB said it lends less than forecast in three-month tender and German unemployment fell for twelfth consecutive month in June.
The euro recovered from yesterday’s low and is currently trading at 1.2258 against dollar by gaining 0.58 percent and 108.15 against yen.
European markets entered into negative region after disappointing US jobs data. FTSE 100 fell 0.28 percent, DAX30 fell 0.15 percent and CAC 40 declined 0.59 percent.
Crude oil futures gained 0.13 percent after rising as much as 0.78 percent on Wednesday and Copper futures turned into negative after gaining as much as1.26 percent earlier this morning. In precious metal sector, gold fell 0.28 percent after gaining 0.19 percent and silver marginally gained 0.03 percent.
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