The big story this morning is not the ADP report, which was bad, but the Chinese economy.
Commodities are higher as Chinese February PMI rose for a 3rd month to 49, the highest since September.
Anything above 50 indicates growth.
Also, Chinese Premier Wen said he will announce another stimulus plan tomorrow
Some commodity stocks like Cemex, ArcelorMittal and Rio Tinto are up in the high single digits.
India has also just announced that it cut interest rates by a half point.
1) Retailers reported mixed earnings today, with the discounters doing better:
BJ's Wholesale Club reported earnings of $0.89, 3 cents ahead of expectations, guidance of $2.26 to $3.26 for the fiscal year is solid compared to consensus estimates of $2.28.
Big Lots up 13 percent pre-open as they beat expectations, but more importantly guidance was strong: first quarter guidance is $0.34 vs. consensus estimate of $0.35, full year of $1.75-$1.90, versus consensus estimate of $1.74.