ADP Jobs Expected to Signal Nationwide Growth
Markets are flat to roughly lower as cautious investors await the results of the ADP private employment report and a key index of the services and manufacturing industries in the Midwest.
Two hours before the opening bell, Dow futures are down 12 points to 10,842 and S&P 500 futures are off 1.50 points to 1,168.00. In contrast, WTI crude oil is up 44 cents to $82.81 per barrel and Spot Gold is trading $5.63 higher to $1,109.23.
Late last night, Richard Fisher from the Dallas Fed dismissed the notion of a W-shaped recession and predicted 3% GDP in 2010.
“Anecdotal evidence indicates that, absent some exogenous shock, the recovery that began last summer is unlikely to be reversed and will instead proceed, slowly gathering momentum as we progress through the year. . . It is less than we had grown accustomed to in the heyday before the crisis, and it may not result in as rapid a reduction in unemployment as we would like. But it is positive and noteworthy.”
Fisher also said the Federal Reserver “cannot turn a blind eye to the effect that growing government indebtedness has on investors’ confidence and Treasury yields,” and he said the Fed should avoid purchasing Treasuries because it risks giving the impression that the central bank is “monetizing the debt”.
Key Events Today:
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