(By Salman - iStockAnalyst Writer)US stock futures advanced on Wednesday as investors awaited the outcome of the US Federal Reserve meeting.
At 8:41 am ET, the S&P 500 futures climbed 8.60 points to 1050.30. The Dow Jones Industrial average futures advanced 73 points to 9790. The Nasdaq Composite futures gained 9.50 points to 1685.
According to the ADP employment report released Wednesday, private-sector firms in the U.S. cut 203,000 jobs in October.
The Fed's Federal Open Market Committee will release its statement at the end of its two-day policy meeting on Wednesday afternoon.
Early on Wednesday, home builder Pulte Homes Inc. (NYSE:
PHM) reported a narrower third-quarter loss of $361.4 million, or $1.15 a share, compared to a loss of $280.4 million, or $1.11 a share, in the year-ago quarter. Consolidated revenue declined to $1.09 billion from $1.56 billion.
Comcast Corp. (NASDAQ:
CMCSA) said Wednesday that its third-quarter net income climbed to $944 million, or 33 cents a share, from $771 million, or 26 cents a share, in the prior year period. Quarterly revenue rose to $8.8 billion from $8.55 billion.
Transocean Ltd. (NYSE:
RIG) said that third-quarter net income dropped to $710 million, or $2.19 a share, from $1.06 billion, or $3.30 a share, in the comparable period last year. On an adjusted basis, Transocean earned $2.65 per share. Revenue decreased to $2.82 billion from $2.88 billion.
Media conglomerate Time Warner (NYSE:
TWX) said that its third-quarter net income plunged 38% to $661 million, or 55 cents a share, with revenue slipping 6% to $7.14 billion on declines from AOL, publishing and filmed entertainment segments.
Late on Tuesday, Kraft Foods (NYSE:
KFT), the nation's largest food manufacturer, reported that third quarter net income jumped to $824 million, or 56 cents a share. In the year-ago quarter, Kraft earned 34 cents a share. Revenue slipped 5.7% to $9.8 billion.
US stocks mostly higher on Tuesday as news of corporate dealmaking boosted investors' hopes for a recovery in the economy.
On the economic front, ISM services index is due for release at 10:00 am ET.
European stocks advanced in afternoon trade. At 12:50 pm London time, the UK FTSE climbed 37.91 points or 0.75% to 5,075.12. The German DAX and French CAC increased 1.26% and 1.56% respectively.
Asian stocks finished down. The Nikkei 225 rose 41.36 points or 0.42% to 9,844.31. The Hang Seng index of Hong Kong jumped 380.13 points or 1.76% to 21,240.06.
NYMEX crude oil for December delivery climbed as much as 88 cents or 1.1% to $80.48 a barrel in electronic trading.
Disclosure: Author doesn't own any of the stocks discussed here.
