US stock index futures were little changed, after a two-day gain for the Standard & Poor’s 500 Index, as investors awaited a report on private payrolls and concern mounted that the U.S. will strike Syria.
Investors were expected to keep a close attention on data releases from the US, looking for clues as to whether the Federal Reserve may begin to scale back its $85 billion-a-month asset purchases in September. Fed officials have said tapering could begin later this year if data continue to improve, leaving investors focused on macroeconomic figures coming out of the US.
Futures on the Standard & Poor’s 500 Index expiring this month lost less than 0.1% to 1,653.3 at 8:10 a.m. in New York. The benchmark index rose for a second day yesterday after the Federal Reserve said the economy maintained a modest to moderate pace of growth. Contracts on the Dow Jones Industrial Average slipped 8 points, or 0.1%, to 14,916 today.
The data calendar is full on Thursday, with the ADP jobs numbers first up at 8:15 a.m. Eastern time. The report, which will shed light on how many people were hired in the private sector in August, is seen as a gauge of what will come in the government’s non-farm payrolls release on Friday.
European stocks traded mostly lower. The Bank of England, in line with expectations, left its key lending rate unchanged at 0.5%, where it has stood since March 2009, and made no changes to its asset-purchase program.
In US corporate news, Astex Pharmaceuticals gained 2.9% to $8.51 in early New York trading. Otsuka, the maker of the mood-stabilizing drug Abilify, confirmed that it plans to acquire Astex to expand into cancer medicines.
Otsuka offered $8.50 a share for Astex, a 27% premium over the Dublin, California-based biotechnology company’s $6.68 closing price on Sept. 3, before the deal was reported. Astex surged 24% yesterday after the Nikkei newspaper said Otsuka planned to buy the company for 90 billion yen ($901 million).
Louisiana-Pacific rose 8.9% to $15.26 after agreeing to buy Ainsworth Lumber for about C$906 million ($863 million) in cash and stock. The Canadian makes a substitute for plywood called oriented strand board.