US stock futures fall on Wal-Mart, ADP jobs data

NEW YORK, Oct 4 (Reuters) U.S. stock index futures pointed to a weaker market open on Wednesday after Wal-Mart Stores Inc., the world's largest retailer, cut its September same-store sales figure and a national employment index came in well below economists' forecasts.

Wal-Mart shares fell more than 2 percent after the chain cut last month's sales at stores open at least a year to 1.3 percent from 1.8 percent, which it reported on Saturday.

On Tuesday the Dow Jones industrial average hit an all-time closing high.

''Wal-Mart was a leader in the Dow yesterday, and this looks like a disappointment in light of what oil has been doing,'' said Larry Peruzzi, senior equity trader at The Boston Company Asset Management.

''As oil rallied, Wal-Mart kept cutting guidance. But now, on the flip side, as oil has come down, you would have thought they would start seeing some of the benefits,'' Peruzzi said.

S&P 500 futures were down 1.7 points, slightly below fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

Dow Jones industrial average futures fell 22 points, and Nasdaq 100 futures fell 1.75 points.

U.S. crude oil futures rose 45 cents to .13 a barrel in electronic trading, a day after sliding NEW YORK, Oct 4 (Reuters) U.S. stock index futures pointed to a weaker market open on Wednesday after Wal-Mart Stores Inc., the world's largest retailer, cut its September same-store sales figure and a national employment index came in well below economists' forecasts.

Wal-Mart shares fell more than 2 percent after the chain cut last month's sales at stores open at least a year to 1.3 percent from 1.8 percent, which it reported on Saturday.

On Tuesday the Dow Jones industrial average hit an all-time closing high.

''Wal-Mart was a leader in the Dow yesterday, and this looks like a disappointment in light of what oil has been doing,'' said Larry Peruzzi, senior equity trader at The Boston Company Asset Management.

''As oil rallied, Wal-Mart kept cutting guidance. But now, on the flip side, as oil has come down, you would have thought they would start seeing some of the benefits,'' Peruzzi said.

S&P 500 futures were down 1.7 points, slightly below fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

Dow Jones industrial average futures fell 22 points, and Nasdaq 100 futures fell 1.75 points.

U.S. crude oil futures rose 45 cents to $59.13 a barrel in electronic trading, a day after sliding $2.40 on a U.S.

inventory glut and a fading hurricane threat. The latest weekly U.S. oil stockpile data are due at 10:30 a.m. (1430 GMT).

The ADP Employer Services employment report showed U.S.

employers added 78,000 jobs in September, below the 110,000 that analysts were expecting. The report may stir concern that the economy is slowing down more than is good for corporate profits.

Shares of ImClone Systems Inc. rose before the opening bell on Wednesday after the biotechnology company said in a regulatory filing that billionaire investor Carl Icahn refused to support a $36 per share bid from a proposed acquirer ID:nN04167687.

ImClone shares rose more than 8 percent to $29.47 in electronic composite trading.

Wal-Mart fell to $48.35 in electronic trading before trimming losses to $48.59. It closed at $49.46 on the New York Stock Exchange on Tuesday.

The Dow rose 56.99 points, or 0.49 percent, to 11,727.34 on Tuesday, wiping out its previous record close of 11,722.98 on Jan. 14, 2000.

Whether the blue-chip average can overcome the disappointing news from Wal-Mart and on the employment front may depend on what Federal Reserve Chairman Bernanke says in speech at 12:45 p.m. (1645 GMT).

Another key determinant may be the Institute for Supply Management's September nonmanufacturing index at 10 a.m. (1400 GMT). Economists forecast the services sector indicator fell to 56 from 57 in August.

REUTERS DKS RN1927 .40 on a U.S.

inventory glut and a fading hurricane threat. The latest weekly U.S. oil stockpile data are due at 10:30 a.m. (1430 GMT).

The ADP Employer Services employment report showed U.S.

employers added 78,000 jobs in September, below the 110,000 that analysts were expecting. The report may stir concern that the economy is slowing down more than is good for corporate profits.

Shares of ImClone Systems Inc. rose before the opening bell on Wednesday after the biotechnology company said in a regulatory filing that billionaire investor Carl Icahn refused to support a per share bid from a proposed acquirer ID:nN04167687.

ImClone shares rose more than 8 percent to .47 in electronic composite trading.

Wal-Mart fell to .35 in electronic trading before trimming losses to .59. It closed at .46 on the New York Stock Exchange on Tuesday.

The Dow rose 56.99 points, or 0.49 percent, to 11,727.34 on Tuesday, wiping out its previous record close of 11,722.98 on Jan. 14, 2000.

Whether the blue-chip average can overcome the disappointing news from Wal-Mart and on the employment front may depend on what Federal Reserve Chairman Bernanke says in speech at 12:45 p.m. (1645 GMT).

Another key determinant may be the Institute for Supply Management's September nonmanufacturing index at 10 a.m. (1400 GMT). Economists forecast the services sector indicator fell to 56 from 57 in August.

REUTERS DKS RN1927