Futures Tick Up After ADP Payrolls Beat

Stock futures are higher after ADP’s said private payrolls jumped 281,000 in June.

Dow futures are up 25 points, S&P 500 futures are 3 points, and Nasdaq futures are up 3 points.

Expectations for ADP’s report were for a gain of 205,000, up from 179,000 in May. Today’s increase was the biggest gain since November 2012.

Earlier this morning, the Mortgage Banker’s Association’s weekly mortgage application report showed applications fell 0.2%, the third straight week of declines.

Later this morning, factory orders data is set to be reported, and expectations are for an increase of 0.7%.

In corporate news, Tyson Foods and Hillshire Brands made their merger official, with Tyson acquiring Hillshire for $US8.55 billion or $US63 per share.

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