* Oil and commodity prices edge higher
* Mortgage applications hit seventh-month low
* ADP private sector employment report on tap
* Futures up: S&P 6.5 pts, Dow 33 pts, Nasdaq 9.25 pts
* For up-to-the-minute market news click []
(Updates to early morning)
By Edward Krudy
NEW YORK, July 1 (Reuters) - U.S stock index futures moved
higher on Wednesday as commodity prices rose and investors
looked ahead to a private sector employment report expected to
show an easing of job losses ahead of the government's June
payroll data.
But underscoring the fragile state of the economy, U.S.
mortgage applications plunged to a seven-month low last week as
demand for home refinancing loans tumbled 30 percent, limiting
premarket advances. []
Oil and commodity prices, which put pressure on stocks in
the last session as they fell in tandem with a stronger U.S.
dollar, headed higher as the dollar edged down and crude
futures climbed 1.6 percent.
"The dollar's backed up a bit and oil is back above $71 ...
so that is helping the futures story now," said Art Hogan,
chief market analyst at Jefferies & Co in New York.
Other data to be released on Wednesday include May pending
home sales and June manufacturing figures. "Between now and 10
a.m., there are going to be plenty of things to either give us
pause or move us higher," Hogan said. "It's going to be one of
those days where any piece of incrementally good or bad news
could move things pretty violently."
Automatic Data Processing (ADP) releases its June
employment report at 8.15 a.m. (1215 GMT). Economists in a
Reuters survey expect ADP's data to show 393,000 jobs were lost
in June, down from a May job loss figure of 532,000.
S&P 500 futures <SPc1> rose 6.5 points and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures <DJc1> gained 33
points, and Nasdaq 100 <NDc1> futures added 9.25 points.
Food maker General Mills Inc <GIS.N> reported a jump in
quarterly net income, driven by strong sales of its cereals and
dough products.
In other earnings news, Constellation Brands Inc <STZ.N>
reported earnings per share of 33 cents in the first quarter of
its fiscal year.
On the data front, at 10.00 a.m. (1400 GMT), the Institute
for Supply Management releases its June manufacturing index,
seen as early sign into the health of the economy. Economists
in a Reuters survey expect a reading of 44.5 compared with 42.8
in May.
The National Association of Realtors releases pending home
sales for May, also at 10.00 a.m. (1400 GMT). Economists in a
Reuters survey expect a flat reading.
Investors will also be watching the release of U.S.
automakers' June auto sales for insight into the resilience of
consumers. Economists in a Reuters survey expect annualized
sales of 3.33 million cars and 4.00 million trucks. In May, car
sales stood at 3.35 million, and truck sales were 4.03
million.
(Editing by Padraic Cassidy)
