US stock futures wavered this morning, following two days of heavy declines on Wall Street, as investors looked ahead to key data from the broader US services sector, at 10:00am New York time.

The reading will come after the sharpest pullback in domestic stocks since late 2018, triggered by weakness in the US manufacturing sector; the benchmark S&P 500 index having posted its first back-to-back daily decline of more than 1% since December.

Data had also shown that private employers added 135,000 jobs to the US economy last month, compared to a downwardly revised 157,000 in August (previously 195,000); signaling that hiring is cooling at a time when domestic growth is decelerating.

The S&P 500 finished -1.77% lower on Wednesday in a broad-based decline led by Industrial (-1.89%) and Material (-1.79%) stocks, while the Nasdaq Composite ended -1.72% lower into the closing bell.

Ahead, in today’s economic calendar, Thursday includes; Weekly Jobless Claims at 8:30am EST, followed by the ISM Non-Manufacturing Index for September at 10am EST.

In corporate news; PepsiCo (PEP), Constellation Brands (STZ) and Costco Wholesale (COST) are amongst the major companies scheduled to report their latest financial figures today.

Europe & Trade: US to Impose Tariffs on EU Goods After WTO’s Airbus Ruling. (The WSJ)
The US plans to swiftly impose tariffs on $7.5 billion in aircraft, food products and other goods from the European Union after the World Trade Organization authorized the levies Wednesday, citing the EU’s subsidies to Airbus.

Hong Kong: Hong Kong to Enact Rare Emergency Rule for Mask Ban. (Bloomberg)
Hong Kong will use an emergency ordinance for the first time in more than a half a century in order to ban face masks at public gatherings, according to local media outlets including the South China Morning Post and news channel TVB.

Today's Economical Announcements.

08:30AM - ★☆☆ - Weekly Jobless Claims (Previous: 213,000)
10:00AM - ★★★ - ISM Non-Manuf. PMI (Sep) (Previous: 56.4)

Pre-Market Movers & News Related Stocks.

Bed Bath & Beyond (BBBY): [EARNINGS] Reported adjusted quarterly profit of 34 cents per share, 7 cents a share above estimates. The housewares retailer’s revenue was below Wall Street forecasts, however, and the retailer’s comparable-store sales were down a greater-than-expected 6.7%.

GoPro (GPRO): [GUIDANCE] Cut its sales forecast for the second half of 2019, due to production delays for a new line of high definition cameras. GoPro said its Hero8 Black cameras would ship in the fourth quarter instead of the third quarter.

Tesla (TSLA): [NEWS] Tesla delivered 97,000 vehicles during the third quarter, the most ever for the automaker. That number was below the 99,000 that Wall Street analysts had anticipated, however.

Constellation Brands (STZ): [EARNINGS] Reported adjusted quarterly profit of $2.72 per share, compared to a consensus estimate of $2.60 a share, and adjusted profit of $2.91 per share when the company’s investment in cannabis producer Canopy Growth is excluded. Revenue matched Street forecasts.

PepsiCo (PEP): [EARNINGS] Reported adjusted quarterly profit of $1.56 per share, beating consensus estimates by 6 cents a share. Revenue also beat Street forecasts, and the company reported better-than-expected organic revenue growth for the quarter of 4.3%.

Cleveland-Cliffs (CLF): [NEWS] The iron ore producer will join the S&P SmallCap 600 Index.

Uber Technologies (UBER): [NEWS] Launched a new app called Uber Works, intended to match temporary workers with businesses trying to fill shifts. The app will only be available in Chicago for now.

E*Trade Financial (ETFC): [NEWS] Joined its rivals in eliminating commissions for online trades for US-listed stocks, options, and exchange-traded funds.

Clorox (CLX): [GUIDANCE] Cut its fiscal 2020 earnings outlook, due to revised assumptions about foreign exchange rates. The consumer products maker is also projecting slightly lower gross margins compared to its prior guidance and lowered its sales outlook as well.

United Technologies (UTX): [RATING] Rated “outperform” in new coverage at Credit Suisse, which points to “significant and durable value” in each of the conglomerate’s business segments.

Kroger (KR): [NEWS] Is preparing to lay off hundreds of workers at its grocery stores, according to a person familiar with the situation.

Blackstone (BX): [NEWS] Is buying a 65% stake in Great Wolf Resorts, the largest operator of indoor water parks in North America. 

BlackRock (BLK): [NEWS] BlackRock and China internet company Tencent have held talks over the past year, according to The Wall Street Journal. The paper said the asset-management firm has been exploring ways to strengthen its presence in China.

Alphabet (GOOGL): [REVIEW] Deutsche bank raised its price target on Alphabet to $1,600 per share from $1,475, citing more confidence surrounding Google Cloud.


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