Futures mixed on lackluster jobs numbers from ADP

AP News
Posted: May 01, 2013 8:54 AM
Futures mixed on lackluster jobs numbers from ADP

NEW YORK (AP) — U.S. stock futures were mixed Wednesday ahead of a flood of economic indicators and corporate earnings, after a lukewarm report on jobs.

A survey by the payroll processor ADP indicated that U.S. companies added the fewest jobs in seven months in April.

Dow Jones industrial futures slipped 11 points to 14,788. The broader Standard & Poor's futures fell 0.40 points to 1,591.80. Nasdaq futures gained 3.75 points to 2,883.75.

The report from ADP suggests that government cutbacks on top of tax hikes to start the year are weighing on hiring decisions.

Employers added just 119,000 jobs last month. And March's hiring was slower than first thought: the survey shows just 131,000 added, down from an initial estimate of 158,000.

The report sent a ripple through futures markets, which had been moving higher in early trading with another round of strong corporate earnings arriving.

Comcast, MasterCard, Time Warner and CVS all met or beat Wall Street expectations Wednesday.

Also Wednesday, the government releases data on construction spending, the Institute for Supply Management issues its U.S. manufacturing index for April and car makers are expected to release the best April sales numbers since 2007.

And the U.S. Federal Reserve wraps up its two-day policy meeting with a news conference.