Before the bell: S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +7.00.
U.S. stock futures edged tentatively higher Wednesday morning, as investors remained reluctant to stage a rebound from the recent drubbing given continued weakness in overseas markets and ahead of an early read on the labor market.
The ADP employment report for July, scheduled for release at 8:15 a.m., EDT, is expected to show private-sector payrolls increased by 157,000. This is seen by many as a leading indicator to the government's nonfarm payroll data due out on Friday. In addition, readings on service sector activity for July and factory orders for June are both due at 10 a.m., EDT.
Gold's spike to a new record high above $1670 per ounce and silver's surge past $41 per ounce has been helped along by the dollar's downturn today.
The Dollar Index is currently down 0.7%, partly in response to efforts by the Swiss National Bank to weaken the franc.
Although quarterly announcements continue to come in droves, there haven't been any bellwethers or market movers in the bunch. In turn, earnings reports have had little impact on action ahead of the open.