Morning Market Update, March 31, 2010

U.S. stock futures are trading lower Wednesday following disappointing March figures from the ADP jobs report. The ADP jobs report fell 23,000, which missed economists' expectations for a gain of 40,000 jobs in the private-sector. The report is seen as an early indicator of the Labor Department's jobs report. Also due out is the Commerce Department's report on factory orders at 10 AM ET. Economists expect that order rose 0.5% in February due to strong demand for commercial aircraft and machinery, which would be the 10th time it has risen over the past 11 months. In corporate news, SAIC (NYSE:SAI) reported Q4 EPS of $0.31, narrowly missing consensus estimates of $0.32. Revenues for the quarter rose 7% year-over-year to $2.68 billion, in line with consensus estimates. The Dow Jones Industrial Average (DJI) futures are trading 26.00 points below fair value, the S&P500 (INX) futures are trading 3.40 points below fair value, and the Nasdaq Composite (IXIC) futures are trading 3.50 points below fair value.