* 154,000 jobs added in private sector in September - ADP
* Micron drops on weak forecast
* Constellation rises after quarterly sales jump
* Futures down: Dow 20 pts, S&P 4.5 pts, Nasdaq 9.25 pts
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
Oct 5 U.S. stocks were set to open higher on
Wednesday as oil prices rose to their highest since June and
investors assessed economic data, including a report on
Oil prices rose 1.7 percent, supported by an industry report
that U.S. inventories probably fell for the fifth straight week
and OPEC's deal to cut supply.
The ADP National Employment report showed that 154,000 jobs
were added in September - the lowest since April and well below
166,000 that economists had expected.
"The number came in a little lighter than forecast ... but
we don't think it necessarily changes the narrative of what the
Fed's claims are regarding monetary policy," said Ernie Cecilia,
chief investment officer of Bryn Mawr Trust in Pennsylvania.
The data is a precursor to the September jobs report on
Friday that will give a glimpse into the health of the U.S.
labor market and play a major role in the Federal Reserve's
decision on raising rates.
A growing number of Fed officials have argued for a rate
hike before the year ends as conditions in the labor market
improve and inflation inches toward the central bank's 2 percent
Traders priced in a 63 percent chance of a rate hike, down
from 63.4 percent before the ADP data was released.
Also on tap is a reading of the ISM non-manufacturing
purchasing managers' index, which likely edged up to 53.0 in
September from 51.4 the previous month. The report is expected
at 10:00 a.m. ET.
Global stocks took a beating after a Bloomberg report said
the European Central Bank would probably wind down its
bond-buying program, while the British pound continued to be
pressured by worries of a "hard" Brexit.
Wall Street closed lower in a choppy session on Tuesday as
Brexit-related fears and growing indications that U.S. interest
rates could be raised this year.
The upcoming quarterly corporate earnings season will put to
test market valuations that are above historical averages.
S&P 500 companies on average are expected to post a 0.5
percent fall in quarterly earnings, the fifth straight quarterly
decline, according to Thomson Reuters data.
Dow e-minis were down 20 points, or 0.11 percent at
8:20 a.m. ET, with 17,264 contracts changing hands.
S&P 500 e-minis were up 4.5 points, or 0.21 percent,
with 156,934 contracts traded.
Nasdaq 100 e-minis were up 9.25 points, or 0.19
percent, on volume of 17,973 contracts.
Micron Tech shares were down 2.6 percent in premarket
trading after the chipmaker gave a disappointing forecast for
the current quarter.
Constellation Brands rose 3.7 percent after the beer
and wine maker reported a 16.6 percent rise in quarterly sales.
Twitter rose nearly 3 percent after the Wall Street
Journal reported that the micro-blogging website is expected to
field bids this week.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by