U.S. stock futures rallied Wednesday as traders awaited an update on the state of the labor market.
Dow Jones Industrial Average futures rose 115 points, or 0.33%, while S&P 500 futures and Nasdaq 100 futures jumped 0.344% and 0.21% respectively. The early advance comes after all three of the monthly averages gained in August with the S&P extending its major winning streak to seven.
The ADP jobs report released at 8: 30 a.m. ET Wednesday, is expected to show how private payrolls held 600,000 workers last month. The report will set the stage for Friday s Job Report.
In shares, Robinhood Markets Inc. announced the U.S. Securities and Exchange Commission was reviewing a recent file to offer a share sale by existing shareholders (PDF). The trading app developer said no sales announced in the filing can be made until the SEC investigation is complete.
In earnings, Campbell Soup Co. warned that higher packaging, ingredients and transportation costs would diet margins and guided full year earnings and revenue below expectations.
The owner of brands including Tommy Hilfiger and Calvin Klein has raised its full-year outlook following a strong performance from its international business, especially Europe. The clothing company beat forecasts on both earnings and revenue after posting a loss a year ago.
Chewy Inc. and Smith Wesson Brands Inc. are among the companies scheduled to report their quarterly results after Wednesday's closing bell.
On antitrust grounds, a U.S. regulator rejected a voting trust structure that would have allowed Canadian National Railway Co. to move forward with its plan to buy railroad operator Kansas City Southern for $29 billion. The decision could open the door to Canadian Pacific Railway Ltd. to pursue a separate offer from Kansas City Southern.
Elsewhere, miners including Freeport-McMoRan Inc. and BHP Group Ltd. slid after Chinese factory data pushed copper prices lower.
In commodities, West Texas Intermediate crude oil ticked up 10 cents to $68.60 per barrel and gold dropped $2.30 to $1,815. An ounce is 80 an ounce.
France s CAC 40 paced the gains in Europe, trading up 1.05%, while Germany's FTSE 100 and the DAX 30 gained 0.67% and 0.21%, respectively.
In Asia, the stock index rose 1.29%, China added 0.65% and Hong Kong's Hang Seng index rose 0.58%.