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ADP, which releases a report on private payrolls every month a couple of days before the big government employment report, gave investors a reason to relax a bit on Wednesday. Payrolls rose by 209,000 in March, the company said, which hints that the employment report won’t be a total washout.
But traders still haven’t recovered from the release of minutes from the most recent FOMC meeting yesterday, which revealed a slight shift in the Fed’s attitude away from another round of “quantitative easing.” European stocks were also sharply lower, with the German DAX down 2.2%. A Spanish bond auction went poorly, and the release of final numbers for the European PMI confirmed a serious contraction in the region.
Dow futures fell 110 points to 13,022; S&P 500 futures fell 11.7 points to 1,397.1.
Homebuilder Hovnanian (HOV) dropped 8.1% after reporting late Tuesday that it will sell 25 million new shares in a secondary offering.
Walgreen (WAG) slid 1.5% on disappointing March same-store sales.
U.S. Airways (LCC) rose 2.6% on news that it is aggressively pursuing a merger with AMR (AAMRQ).
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