Comcast, Cubist Jump Pre-market Amid Cautious Trading
NEW YORK ( TheStreet) -- Stock futures hardly budged Wednesday as investors weighed stronger-than-expected reports on U.S. economic growth and the labor market against signs of rising wage inflation ahead of the Federal Reserve's policy announcement.
Futures for the S&P 500 were up 0.25 points, or 4.29 points above fair value, to 1,685. Futures for the Dow Jones Industrial Average were down 12 points, or 25.41 points below fair value, to 15,481. Futures for the Nasdaq were up 1.25 points, or 8.17 points above fair value, to 3,086.75.
A number of stocks were in focus in premarket trading Wednesday. Cubist Pharmaceuticals
The deals are valued at $801 million and $818 million, if certain milestones are reached, respectively.
Another stock in the spotlight in the early hours was Air Products & Chemicals
The private payroll employment report from Automatic Data Processing on Thursday showed a stronger-than-expected gain of 200,000 for July versus an upwardly-revised 198,000 in June. Expectations were for a gain of 180,000 for July, according to a Thomson Reuters poll of economists.
The advanced estimate for second-quarter gross domestic product rose by a greater-than-expected 1.7% after a downwardly-revised 1.1% increase in the first quarter, according to the Bureau of Economic Analysis. Economists were expecting a rise by 1% for the second quarter.
Wage inflation pressures increased in the second quarter, according to the Bureau of Labor Statistics. The employment cost index increased more than expected with a 0.5% rise for the second quarter, up from a 0.3% gain in the first quarter. Economists were expecting an increase of 0.4%.