×

Futures Flat as Report Shows More Job Losses

Stock futures were little changed after a private employment report showed the economy shed more jobs than expected in November.

The ADP Employer Services report showed thatprivate employers shed 169.000 jobs in November, fewer than the 195,000 jobs lost in October. Analysts had expected the number to be closer to 155,000, but the ADP forecasts have run sharply lower than the actual numbers released by the Labor Department.

Futures indicated a flat to modestly lower open both for stocks and Treasurys.

An earlier reading from outplacement firm Challenger, Gray & Christmas showed firms announced plans in November to lay off just over 50,000 employees, the lowest number in nearly two years.

Outside the employment picture, shares of regional banks could be worth watching after Credit Suisse upgraded the group to "overweight" on a belief that most of the major companies won't need to raise additional capital.

In particular, Credit Suise raised SunTrust to "outperform" from "neutral" and BB&T to "neutral" from "underperform." SunTrust gained 1.7 percent in premarket trading while BB&T edged higher as well.

At 2 pm, investors will be focused on the Federal Reserve's beige book, the region-by-region assessment of the nation's economy.

The morning's first economic report showed mortgage applications edged higher last weekas borrowing rates stayed below 5 percent.

Other numbers coming out today include the Energy Information Agency's weekly read on oil and gasoline inventories at 10:30 am.

Among newsmakers scheduled to speak today, Treasury Secretary Tim Geithner testifies before the Senate on derivatives reform at 9:30 am, while Richmond Fed President Jeffrey Lacker gets the podium at an economic conference in Charlotte, NC at 12:30 pm.

Stocks to watch today may include eBay, which says Cyber Monday transactions exceeded those of Black Friday by 35 percent.

Winterizing Your Portfolio - A CNBC Special Report
Winterizing Your Portfolio - A CNBC Special Report

Investors will also zero in on shares of Dow component Wal-Mart, whose stores have cut prices on video games by $10 as a price war with its biggest competitors escalates.

- Written by Peter Schacknow, Senior Producer, CNBC Breaking News Desk