U.S. stock futures drifted lower on Wednesday as markets await data on employment two days ahead of a key government report.
More than two hours before the start of trading, Dow Jones Industrial Average futures were 19 points lower at 10496. The S&P 500 futures slipped three points to 1129.3 and Nasdaq 100 futures lost 1.75 to 1883.5. Changes in futures do not always accurately predict early market moves after the opening bell.
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U.S. stocks drifted Tuesday after a strong start to 2010, with the Dow Jones Industrial Average falling 12 points while the S&P 500 rose 4 points and the Nasdaq Composite finished broadly unchanged. Pending-home sales slumped 16% in November, while car sales were surprisingly strong.
Wednesday's docket features the Automatic Data Processing Inc.'s estimate of payrolls in December, two days ahead of the government report, as well as services sector data and minutes from the last Federal Reserve interest-rate-setting meeting. Recent speeches have made it clear that the U.S. central bank has no intention of raising interest rates anytime soon.
"The December FOMC minutes should reflect a more upbeat discussion of economic prospects; this discussion led to several changes to the FOMC statement that indicated better labor market conditions and improved financial market conditions," said economists at Barclays Capital.
Commodities futures were mixed on reaction to the cold weather and its impact on global demand. Oil futures traded around $81.70 a barrel while most metals futures, notably copper, traded higher. Weekly energy inventories data also is due for release.
The dollar index rose 0.1% following comments from a European Central Bank board member that other EU states won't aid debt-laden Greece. Meanwhile, Japan's Finance Minister Hirohisa Fujii has resigned and will be replaced by the country's Deputy Prime Minister Naoto Kan.
The Nikkei 225, ahead of the Fujii resignation, rose 0.5% in Tokyo, while the FTSE 100 weakened 0.2% in London.
Write to Steve Goldstein at steven.goldstein@dowjones.com
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