Futures pointed to a lower start, but climbed higher following two jobs reports released before the bell.
Outplacement firm Challenger, Gray, & Christmas reported 45,094 job cuts were announced in December, 10% less than November. That is the lowest total since December 2007. The ADP private non-farm employment report for December showed an 84,000 decrease in payrolls. This was the smallest decline in jobs since March 2008. These reports are encouraging for the labor markets, but we will get more insight with the government’s Employment Situation report on Friday.
After trading begins, the Institute for Supply Management will release a report expected to show an index of services activity rose to 50.5 in December, from 48.7 the previous month. A reading above indicates expansion. Separately, the weekly crude oil inventory report is due at 10:30 am ET, and the FOMC minutes are set to be released at 2:00 pm.
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