Following record-high finish, U.S. stock futures ease as traders await ADP payrolls figures

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Investors are on the sidelines ahead of private-sector payrolls data, that will provide a gauge on the state of the labor market.

U.S. stock futures pointed to a mostly flat start for Wall Street following another record for the S&P 500, as investors awaited private-sector payrolls and a report on the services sector.On Tuesday, the Dow industrials DJIA, +0.80% climbed 278.24 points, or 0.8%, to 35,116.40, the S&P 500 SPX, +0.82% rose 35.99 points, or 0.8%, to a record close of 4,423.15 and the Nasdaq Composite COMP, +0.55% gained 80.23 points, or 0.6%, to 14,761.29.

The ADP report is seen as key to gauging how fast the labor market is working toward the Federal Reserve’s policy goal of “substantial” progress that could trigger a tapering of its bond-buying program, said Ipek Ozkardeskaya, senior analyst at Swissquote, in a note to clients. Fresh worries have also centered on China, which is testing all 11 million people in the city of Wuhan, the epicenter of the original outbreak a year and a half ago. A cluster of cases has also spread to Beijing, and the country has been imposing a wave of travel restrictions.

 

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