US STOCKS-Futures extend losses after ADP job report
(Updates with reaction to the ADP report)
NEW YORK, Oct 1 (Reuters) - U.S. stock index futures extended losses on Wednesday as data showed further signs of weakness in the labor market.
ADP Employer Services said U.S. private employers cut 8,000 jobs in September, fewer than expected, but the August number was revised even lower to show job losses. [ID:nOSL008346]
The news on the labor market, along with signs of continued strains in the credit markets, added to nervousness ahead of a Senate vote on a revamped rescue plan for the financial sector.
S&P 500 futures SPc1 fell 12.60 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 103 points and Nasdaq 100 NDc1 futures declined 21.50 points.
Shares of diversified manufacturer General Electric (GE.N), an economic bellwether, dropped 2.4 percent to $24.90 before the bell after Deutsche Bank cut its price target and outlook on GE, a Dow component. For details, see [ID:nWNAB4233] (Reporting by Ellis Mnyandu, Editing by Kenneth Barry)
