S+P 500 futures higher as US ADP report awaits

As noted earlier, the US will today release the July ADP private monthly payroll report, at 12.15pm GMT. The markets expect this to show another gain of around 150k, matching the gain seen in June. The US Q2 employment cost index (ECI) is also due out a little after that, at 12.30pm GMT and that is expected to tick a little lower. The forecast is for a gain of 1% gain in employments costs  in Q2, compared to a prior gain of 1.2%. This data could have an impact and of course both releases come ahead of the Fed monetary policy announcement this evening. The consensus is for the Fed to hold the current Fed Funds rate on hold at between 5.25% and 5.5%. Generally speaking the markets are not expecting any cut until September at the earliest. So, any change today would come as a surprise and hence positively impact stocks ahead of the monthly close this evening. The S+P 500 avoided a fall below 5,400 yesterday, but only just (5,401.70 the low) and later rebounded to close at 5,436.44, with a loss of 27.10 points on the day. The index was dragged lower by the Nasdaq 100 yesterday and right now the Nasdaq 100 futures are still holding gains above 19k and that is supporting the opening outlook for the S+P 500, currently at around 5,487