ADP Report: Market Happenings For Wednesday, October 03, 2012

Premarket, futures are up. Gainers this morning include NFLX (+3.63%), BBY, FDO, PCS and JOY while losers include MON (-2..83%), WAG, TXN, BMY and VLO.

The Market

The ADP National Employment Report showed companies added 162,000 jobs in September, more than economists expected but still pointing to slow improvement in the labor market. Economists were expecting to show a gain of 143,000 jobs.

The August payrolls was revised down to 189,000 from the previously reported 201,000 and July’s number was also revised down to 156,000 from 173,000.

European stocks were mixed in morning trading and Asian markets ended mixed. The markets in Shanghai were closed for a holiday.

A report showed mortgage applications spiked last week. The Mortgage Bankers Association’s index, which measures mortgage applications, rose 16.6% for the week ended Sept. 28. That’s a big jump from the prior week’s 2.8% increase.

The national average price of gasoline was up two-tenths of a cent to $3.782 per gallon.

Tonight is the first of four presidential debates with Obama and Romney debating domestic policy.

There was also news from the Wall Street Journal that production had begun on a Apple mini iPad.

Friday brings us the Jobs Report.

Earnings Reports

Earnings reports (estimates): MON-Monsanto ($-0.44), MAR-Marriott (0.40), FDO-Family Dollar (0.75).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +2.8% with purchase sub-index +0.7% and refi sub-index +3.3%.

0815 ET Sep ADP employment change expected +140,000, Aug +201,000.

1000 ET Sep ISM non-manufacturing index expected -0.3 to 53.4, Aug +1.1 to 53.7.

1030 ET DOE Weekly Petroleum Status Report.

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