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First-quarter productivity revised higher

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The U.S. Department of Labor said workplace efficiency improved by more than first thought as non-farm productivity rose 1.9%, which was more than the 1.6% first reported. The revised 1.9% increase in productivity was slightly below economists' forecast of 2%.

Stock futures have neared their lowest levels of the morning with S&P futures (sp03m) unchanged at 972.30. NASDAQ futures (nd03m) are lower by 2.5 points at 1,199, while Dow futures (dj03m) are unchanged at 8,927.

Fair value for the S&P 500 today is $-0.08. That price will not change during the session. HL Camp & Company has their computers set for program buying at $1.01 and set for program selling at $-1.34. Fair value for the NASDAQ-100 today is $1.10.

Later today at 10:00 AM EST, the Institute for Supply Management will report its May ISM Services index which economists forecast an expansionary 52.0 reading. In April, the ISM Services index read 50.7.

Autos may be under further selling pressure again today after the world's number 3 automaker DaimlerChrysler (NYSE:DCX) $31.65 said late yesterday that it "would be difficult" to achieve its full- year $2 billion profit target and that its Chrysler Group unit will lose 1 billion euros, or more than $1.15 billion in the second quarter as rising incentives and discounts in the U.S. weigh on bottom line performance. In overseas trading, DCX fell 4.1% and are indicated lower at $30.04 on the New York ECNs

Foreign Markets

European markets hold gains ahead of Thursday's European Central Bank meeting on interest rates. Some economists in the region expect either a 25, or 50-basis point rate cut.

Asia/Pacific

Hong Kong Hang Seng 9,662 +25.29 +0.26%

Japan Nikkei 225 8,557 -6.63 -0.08%

Taiwan Taiwan Weighted 4,678 -14.86 -0.32%

Europe

France CAC 40 3,041 +1.91 +0.06%

Germany DAX 3,046 +19.56 +0.65%

Russia Moscow Times 5,508 +11.90 +0.22%

Switzerland Swiss Market 4,694 -19.00 -0.40%

United Kingdom FTSE 100 4,109 -6.00 -0.15%

Jeff Bailey

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