(By Salman - iStockAnalyst Writer)
US stock futures pointed to higher start on Wednesday ahead of key economic data. Stocks trimmed some of the gains after weaker than expected ADP jobs data.
At 08:06 am ET, Standard & Poor's 500 Index futures advanced 5.40 points to 920.90. Dow Jones Industrial Average futures increased 33 points to 8427. Nasdaq Composite Index futures gained 9 points to 1485.25.
ADP survey on Wednesday reported that a total of 473,000 private-sector jobs were lost in June. Economists had projected a drop of 394,000 private sector jobs.
According to the Mortgage Bankers Association, mortgage applications declined a seasonally adjusted 18.9% for the week ended June 26.
Early on Wednesday,
General Mills (
NYSE: GIS) reported that fourth quarter net income nearly doubled to $358.8 million, or $1.07 a share, from $185.2 million, or 53 cents per share in the prior year quarter. On an adjusted basis, the company earned 86 cents a share. Revenue climbed 5% to $3.65 billion.
Constellation Brands Inc. (
NYSE: STZ) reported on Wednesday that its fiscal first quarter net income slipped to $6.5 million, or 3 cents a share, from $44.6 million, or 20 cents a share, in the year ago quarter. Revenue dropped to $791.6 million, from $931.8 million.
Sealy Corp (
NYSE: ZZ), the world's largest mattress maker, on Tuesday said that it swung to a second quarter loss of $5.2 million, or 6 cents per share, compared to a profit of $12 million, or 13 cents per share, in the comparable quarter last year. Revenue tumbled 26% to $298.5 million.
Citigroup (
NYSE: C) on Wednesday announced that it has reached a deal to sell NikkoCiti Trust and Banking Corporation to Nomura Trust & Banking Co. for 19 billion yen, or $197 million.
Late on Tuesday,
AMAG Pharmaceuticals (
NASDAQ: AMAG) announced that the Food and Drug Administration has approved its product Feraheme, an iron replacement therapy for patients with chronic kidney disease.
Military vehicles manufacturer
Oshkosh Corp. (
NYSE: OSK) on Tuesday announced that it bagged a $1.05 billion contract from the U.S. Department of Defense to supply 2,244 armored fighting vehicles for the U.S. Army.
Elsewhere, the China Federation of Logistics & Purchasing said that its manufacturing Purchasing Managers' Index increased to 53.2 in June from 53.1 in May, marking the fourth straight month of expansion.
On the economic front, construction spending, ISM index, pending home sales and auto sales data are due for release later in the day.
US stocks finished with losses on Tuesday as investors were rattled by worse-than-expected consumer confidence data.
European stocks advanced in afternoon trade. At 12:42 pm London time, the UK FTSE rose 55.87 points or 1.31% to 4305.08. The German DAX and French CAC increased 1.36% and 1.63% respectively.
Asian stocks finished lower. The Nikkei 225 fell 18.51 points or 0.19% to end at 9,939.93. The Hang Seng index of Hong Kong dropped 1478 points or 0.81% to 18,378.73.
NYMEX crude oil for August delivery climbed as much as $1.39 or 2% to $71.28 a barrel.
Disclosure: Author does not own any of the stocks discussed here.
