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US futures moving higher on strong US corporate earns and ahead of a slew of economic data
NEW YORK (AP) ¯¯¯ Stock futures moved higher Wednesday on new data that suggests the U.S. may be emerging from a three-month funk in the jobs market, as well as some strong quarterly reports from major corporations.
New numbers from manufacturing and construction sectors, to be released after the stock market opens, are also expected to show an improving economic environment, or at least one that isn't getting worse.
Dow Jones industrial futures are up 42 points to 12,991 and the broader S&P futures added 3.7 points to 1,378.30. Nasdaq futures rose 12.5 points to 2,649.
Payroll provider ADP said Wednesday that businesses added 163,000 jobs last month. The report comes two days before the government releases its jobs numbers for July and a subdued market reaction to the surprise figures suggests that people are holding their optimism in check until the employment report lands Friday.
Chrysler says its U.S. sales rose 13 percent in July. It was the automaker's best July in five years. MasterCard posted a 15 percent increase in quarterly net income.
Burger King's profit surged 60 percent in the second quarter because of international sales and Harley-Davidson says sales at home drove earnings up 30 percent. "Battleship" failed to sink Comcast's second-quarter earnings as strong results from cable operations overcame the box-office flop.
Later Wednesday, the Commerce Department is expected to report construction spending rose thanks to new home activity and manufacturing activity likely held steady after a decline in June.