The stock market appears set to start higher today. Several companies have reported earnings before the bell, with MetLife and YUM Brands topping estimates. Among those missing estimates are Disney, Kraft, Electronic Arts, and Time Warner. Meanwhile, Costco said it expects second quarter earnings to fall below analyst estimates.
On the economic front, the ADP Employment report estimates 522,000 positions were dropped from private sector payrolls in January, slightly better than the consensus estimate of -535,000. We will get further employment data Friday with the non-farm payroll numbers. While the report today was better-than-expected, the data still indicates a very weak labor market.
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