Stock Market Update

The S&P 500 futures are down four points and are trading fractionally below fair value, the Nasdaq 100 futures are down 57 points and are trading 0.3% below fair value, and the Dow Jones Industrial Average futures are up 18 points and are trading fractionally above fair value.

The ADP Employment Change estimated that 99,000 private payrolls were added in August (Briefing.com consensus 138,000) following a 111,000 increase in July (revised from 122,000).

Weekly initial jobless claims totaled 227,000 (Briefing.com consensus 236,000) and last week's total was revised to 232,000 (from 231,000). Continuing claims came in at 1.838 million and last week's total was revised to 1.860 million (from 1.868 million).

Q2 productivity was revised to 2.5% (Briefing.com consensus 2.3%) from 2.3%. Q2 unit labor costs were revised to 0.4% (Briefing.com consensus 0.9%) from 0.9%.