The private sector added more jobs than estimated in March
Dow Jones Industrial Average (DJI) futures are trading slightly below fair value this morning, despite impressive earnings from Apple (AAPL) -- which posted better-than-expected profit and revenue in its fiscal second quarter, despite iPhone sales falling short, and gave a $100 billion boost to its share repurchase program. The FAANG stock is up 4% in pre-market trading, and as a result, Nasdaq-100 Index (NDX) futures are signaling another tech stock outperformance today. Traders will now turn their attention to the Fed policy statement, due out this afternoon. Ahead of this, the ADP employment report showed the U.S. added 204,000 private sector jobs last month, slightly higher than anticipated.
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Stocks in Asia finished today mostly lower. Though Apple's first-quarter earnings beat sent a handful of its Asian suppliers higher, equities were dragged down by underperforming oil, steel, and auto sectors. Traders also exercised caution ahead of the Fed's policy meeting. Japan's Nikkei finished down 0.2%, Hong Kong's Hang Seng ended 0.3% lower, and South Korea's Kospi closed down 0.4%. The Shanghai Composite ended flat.
European markets are modestly higher at midday, thanks to a round of upbeat corporate earnings and higher Apple suppliers. Outside of earnings, the latest gross domestic product (GDP) data indicated the eurozone economy grew at a slower-than-anticipated pace in the first quarter. London's FTSE 100 is 0.4% higher, France's CAC 40 is up 0.1%, and Germany's DAX is seeing 1.2% gains, at last check.