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Futures rise as growth stocks bounce, economic data eyed

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U.S. stock index futures edged higher on Wednesday as growth stocks bounced from a steep sell-off in the previous session, while investors awaited data on private jobs growth and service sector activity in April.

U.S. Treasury Secretary Janet Yellen said on Tuesday she sees no inflation problem brewing, downplaying earlier comments that rate hikes may be needed to stop the economy overheating as President Joe Biden's spending plans boost growth.Market participants are now awaiting monthly jobs data from payrolls processor ADP, which is expected to show additions of 800,000 last month, compared to 517,000 job additions in March.

A more comprehensive reading in the form of the Labor Department's non-farm payrolls data is due Friday. Also on the radar is the Institute for Supply Management's non-manufacturing purchasing managers' index, which is expected to show a slight rise in April from March. At 7:06 a.m. ET, Dow e-minis were up 77 points, or 0.23%, S&P 500 e-minis were up 14 points, or 0.34%, and Nasdaq 100 e-minis were up 68.75 points, or 0.51%.

 

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