U.S. stocks were poised to open higher, as investor wait for the Federal Reserve’s latest policy meeting announcement at 2:15 pm E.T.
On the economic front, U.S. mortgage applications rose for the first time in four weeks, as rates on 30-year loans dropped below 5%. Outplacement firm Challenger reported that planned layoffs slowed in October to 55,679, 16% fewer than September and the third consecutive monthly decline. Separately, the ADP Employment Services report showed that private employers shed 203,000 jobs in October, fewer than the revised 227,000 jobs lost in September. The September fall was originally reported at 254,000. We will get more insight on the labor market this Friday with the government’s Employment Situation Report.
The ISM non-manufacturing index, which measures the strength of the U.S. service economy, is scheduled for 10:00 am ET. The consensus calls for a reading of 51.6, above the 50 figure that marks the dividing point between expansion and contraction. That would also be above last month’s reading of 50.9.
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