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U.S. stock index futures point to higher start

Wed Jul 1, 2009 5:21am EDT

Stocks

   

* U.S. stock index futures pointed to a higher start on Wall Street on Wednesday, with futures for the S&P 500 SPc1 up 0.7 percent, for Dow Jones DJc1 up 0.5 percent and the Nasdaq 100 NDc1 futures gaining 0.6 percent.

* In Europe, stocks were higher, led by oils and banks, with the FTSEurofirst 300 .FTEU3 index up 1.1 percent at 859.84 points at 0900 GMT.

* Constellation Brands (STZ) is reporting first quarter numbers, with analysts expecting the company to report earnings per share of 0.32 cents compared to 0.34 cents a year ago.

* General Mills (GIS) is reporting fourth quarter results with analysts expecting earnings per share of 0.80 cents compared to 0.73 cents a year ago.

* Automatic Data Processing (ADP) releases its June employment report at 1215 GMT. Economists in a Reuters survey expect 393,000 jobs were lost in June, down from a May job loss figure of 532,000.

* At 1400 GMT, the Institute for Supply Management releases its June manufacturing index. Economists in a Reuters survey expect a reading of 44.5 compared with 42.8 in May.

* National Association of Realtors issues Pending Home Sales for May at 1400 GMT. Economists in a Reuters survey expect a reading of 6.7 percent, unchanged from the prior month.

* Commerce Department releases May construction spending at 1400 GMT. Economists in a Reuters survey forecast a decline of 0.5 percent compared with a 0.8 percent rise the prior month.

* U.S. automakers release June auto sales. Economists in a Reuters survey expect annualized sales of 3.33 million cars and 4.00 million trucks. In May, car sales stood at 3.35 million, and truck sales were 4.03 million.

* Shares of Pfizer Inc (PFE.N) dropped 1.5 percent to $14.77 after the bell on Tuesday after the company said it was scrapping a late stage trial of its drug Sutent for treatment of a form of colorectal cancer.

* Shares of AMAG Pharmaceuticals (AMAG.O) jumped 5 percent to $57.11 after the bell on Tuesday following news that the company's iron deficiency drug was approved by the U.S. Food & Drug Administration.

* U.S. stocks fell on Tuesday as an unexpected drop in consumer confidence cooled recent optimism about an economic recovery, but Wall Street still closed out its best quarter in a decade.

The Dow Jones industrial average .DJI slipped 0.97 percent, the Standard & Poor's 500 Index .SPX dropped 0.85 percent and the Nasdaq Composite Index .IXIC shed 0.49 percent. (Reporting by Joanne FrearsonEditing by Hans Peters)



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