* ADP report and jobless claims both top forecasts
* Crude oil jumps above $100 per barrel on unrest in Egypt
* S&P 500 struggling to break through 50-day moving average
* Futures down: Dow 19 pts, S&P 500 4.5 pts, Nasdaq 7.25 pts
By Ryan Vlastelica
NEW YORK, July 3 (Reuters) - U.S. stock index futures
indicated a lower open on Wednesday, tracking international
weakness amid concerns about the pace of global economic growth,
though futures were off their lows of the session following some
Private employers added 188,000 jobs in June, far more than
had been expected, a report showed. In addition, initial jobless
claims fell by more than expected in the latest week. Both data
points were encouraging going into Friday's closely watched jobs
Financial shares may be among the most active on Wednesday,
as the group is closely tied to economic growth forecasts. Bank
of America, Citigroup and JPMorgan Chase & Co
all edged lower in premarket trading.
Many market participants are out of the office during an
abbreviated trading day Wednesday ahead of the Fourth of July
holiday. U.S. financial markets will reopen on Friday.
Shares in China fell after a read on the country's services
sector compounded concerns about slowing growth momentum, while
European shares tumbled amid a political crisis in Portugal that
sent the country's bond yields soaring.
"There's a lack of visibility in markets with all the global
issues out there, and while the data is positive, it also isn't
the kind of strong rebound we'd love to see," said Wayne
Kaufman, chief market analyst at Rockwell Securities in New
"It is very difficult to project earnings in this
environment, and that's why we've been unable to break above
S&P 500 futures fell 4.5 points and were below 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 lost 19
points and Nasdaq 100 futures fell 7.25 points.
The S&P 500 is 3.3 percent below its May 21 record closing
high of 1,669.16, but has been unable to close above its 50-day
moving average of 1,623.94 since June 20.
The Institute for Supply Management's June read on the
services sector, due at 10:00 a.m. EDT (1400 GMT), will also be
closely scrutinized. The report is seen coming in at 54,
compared with 53.7 in the previous month.
Economic data has been a significant market mover in recent
weeks as investors attempt to gauge when the U.S. Federal
Reserve will begin pulling in its bond-buying stimulus program,
which has been credited with fueling the market's gains this
year. Bullish data has led to market declines as traders worry a
strong economy will mean a faster end to the policy.
In the upcoming nonfarm payroll report, analysts expect
165,000 jobs to have been added in June, below the 175,000 added
Crude oil prices rose 2 percent to $101.57 a barrel,
a 14-month high, on concerns that political unrest in Egypt
could destabilize the Middle East and disrupt supply.
"The spike in oil may act as a near-term positive for energy
companies, but this isn't related to increased demand, so
there's no economic benefit to it," said Art Hogan, managing
director at Lazard Capital Markets in New York.
Insurance companies will be in focus after the Obama
administration said it wouldn't require employers to provide
health insurance for their workers until 2015, delaying a key
provision of the healthcare reform law by a year.
In corporate news, Michael Dell has been advised to raise
his $24.4 billion offer for Dell Inc, coming under
further pressure as billionaire investor Carl Icahn revealed he
had committed more than $3 billion to back an alternative
Avon Products Inc sold its Silpada Designs jewelry
business for $85 million, three years after buying it for $650