* Futures drop on economic jitters along with global shrs
* ADP, ISM nonmanufacturing data on tap
* Futures down: S&P 3.3 pts, Dow 20 pts, Nasdaq 4.25 pts
* For up-to-the-minute market news see []
(Writes through, adds quote, details, byline)
By Leah Schnurr
NEW YORK, Aug 4 (Reuters) - U.S. stock index futures
slipped on Wednesday, ahead of data on the jobs market, as
jitters over the pace of the economic recovery prompted
investors to lock in profits.
Global shares and the U.S. dollar were pressured by talk
that recent weak economic data could prompt the U.S. Federal
Reserve to start a new round of Treasuries purchases to pump
funds into the economy. The greenback earlier neared a 15-year
low against the yen. For details, see []
Data on tap includes the ADP Employer Services report for
July, due at 8:15 a.m. EDT (1215 GMT), and the ISM
nonmanufacturing index for the same month, coming at 10 a.m.
EDT (1400 GMT).
ADP is expected to show private employers added 40,000
jobs, compared with 13,000 the month before, while ISM is seen
coming in at 53.0 versus 53.8 in the previous month, according
to a Reuters poll.
"Futures have been in a range all morning. We're waiting
with bated breath for what ADP has to say," said Jamie Cox,
managing partner of Harris Financial Group in Colonial Heights,
Virginia.
S&P 500 futures <SPc1> slipped 3.3 points and were below
fair value, a formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> fell 20
points, and Nasdaq 100 futures <NDc1> dipped 4.25 points.
The ADP report is often a harbinger of the monthly nonfarm
payrolls figure, which is due Friday. The report is expected to
show the economy lost 65,000 jobs, compared with a loss of
125,000 jobs the month before, while the unemployment rate is
expected to edge up to 9.6 percent from 9.5 percent.
"Interestingly enough, ADP has really been spot on with its
analysis in the last couple months, so you're going to get a
clean early look at Friday's jobs number," Cox said.
A fresh round of corporate earnings could lend support to
the market. Electronic Arts Inc <ERTS.O> jumped 5.1 percent to
$17 in premarket trade, a day after the video game publisher
reported better-than-expected revenue. For details, see
[]
Sirius XM Radio Inc's <SIRI.O> revenue topped estimates,
while Time Warner Inc <TWX.N> posted its highest growth rate in
two years. Sirius shares jumped 5 percent at $1.06.
[] []
Stocks slipped Tuesday after disappointing corporate
results and data on consumer spending and housing.
Even so, the S&P 500 held above its 200-day moving average
of around 1,114, a potential signal that the market's strength
remains intact. The index closed just below the 1,121 mark, a
resistance level that represents the midpoint between the
historic high reached in October 2007 and the 12-year closing
low hit in March 2009.
Wall Street has been consolidating gains following a nearly
7 percent advance in July, the best month in a year.
(Editing by Jeffrey Benkoe)
