EU and US could reach trade deal this weekend - Reuters
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* Sept ISM services report expected at 10:00 a.m. ET
* PepsiCo rises after quarterly beat; lifts Coke
* Tesla drops as quarterly deliveries miss estimates
* Futures up: Dow 0.12%, S&P 0.17%, Nasdaq 0.21%
(Adds comment, details; updates data)
By Medha Singh and Arjun Panchadar
Oct 3 (Reuters) - Wall Street's main indexes were set to
open slightly higher on Thursday after losing 3% in the past two
sessions after data pointed to the risk of a slide into
recession, with investor attention now squarely on services data
due later in the day.
The ISM's non-manufacturing activity index is likely to show
a reading of 55 in September, down from 56.4 in August. Market
participants will also focus on a pivotal jobs report on Friday
after dismal manufacturing and hiring data showed the U.S.-China
trade war was hurting the U.S. economy.
"We are really counting on the consumer to kind of carry us
through here amid the slow patch in manufacturing," said Scott
Brown, chief economist at Raymond James in St. Petersburg,
Florida.
Brown said a rebound in the services sector in August from
its weakest level in nearly three years was indicative of the
health of the overall economy, but "markets are going to be
pretty sensitive to any surprise on the downside."
The gloomy economic data over the last couple of days has
led to two straight days of a more than 1% drop in the benchmark
S&P 500 .SPX for the first time this year and set the Dow
.DJI on course for its worst week in four months.
The benchmark index is now nearly 5% below its all-time high
hit in July even though it came within striking distance of
that level two weeks ago.
At 8:46 a.m. ET, Dow e-minis 1YMcv1 were up 32 points, or
0.12%. S&P 500 e-minis EScv1 were up 5 points, or 0.17% and
Nasdaq 100 e-minis NQcv1 were up 15.75 points, or 0.21%.
PepsiCo Inc PEP.O rose 2% in premarket trading after the
company beat quarterly expectations as higher advertising and
new low-calorie versions of Gatorade boosted demand for its
beverages in North America. Shares of larger rival Coca-Cola KO.N gained 0.1% high.
Tesla Inc TSLA.O shares dropped 4.9% as the electric-car
maker's quarterly deliveries missed analysts' estimates.
Corona maker Constellation Brands Inc STZ.N fell about 3%
as it took a $839 million write down in the value of its
investment in pot firm Canopy Growth WEED.TO during the
quarter. However, the company raised its full-year adjusted
profit forecast.
Signs of a brewing recession https://graphics.reuters.com/USA-ECONOMY/0100801801Z/index.html
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