Stock Market Update

The stock market is on course for a subdued start with futures on the S&P 500 trading two points above fair value.

Equity futures held modest gains in early morning trade, but those gains faded after the ADP Employment Change report for May showed the addition of just 37,000 nonfarm payrolls (Briefing.com consensus 115,000), which was well below the market's expectations. This release precedes Friday's release of the Employment Situation report from the Bureau of Labor Statistics (Briefing.com consensus 130,000; prior 177,000).

Treasuries have added to their early gains after the report was released with the 10-yr yield currently down five basis points at 4.41%.