US STOCKS-Futures dip on Greece concerns; jobs report on tap

* Greek sovereign debt crisis in focus

* ADP employment report, ISM services sector index due

* Futures down: S&P 4.6 pts, Dow 22 pts, Nasdaq 7.75 pts

* For up-to-the-minute market news see [STXNEWS/US]
(Adds quote, byline)

By Angela Moon

NEW YORK, May 5 (BestGrowthStock) – U.S. stock index futures fell
on Wednesday as investors continued to anxiously eye the Greek
sovereign debt crisis and its potential contagion.

Greek protesters clashed with police as tens of thousands
of strikers marched against austerity plans in a crucial test
of the government’s resolve in enacting deep budget cuts in
return for a massive bailout.

Fears over which nation might be next weighed on markets
unconvinced that the aid package would stop the crisis from
spreading to other vulnerable euro zone countries like Spain
and Portugal.

German Chancellor Angela Merkel and the head of the
International Monetary Fund warned of financial contagion
unless the crisis was stopped in Greece. For details, see
[ID:nTOPNOW2]

“The problem in the timing of quelling the debt concerns is
that there won’t be some event that calms people down. It will
be a process as deleveraging takes time,” said Peter Boockvar,
equity strategist at Miller Tabak + Co in New York.

“With global growth likely being tested over the next few
months, U.S. economic data over the next three days will be a
good measure of where we stand in the face of upcoming
headwinds with ADP and ISM services specifically out today.”

ADP releases its April employment report at 8:15 a.m. EDT
[1215 GMT]. Economists in a Reuters survey expect 30,000 jobs
were created in April versus a loss of 23,000 jobs in March.
The report serves as a precursor to the all important non-farm
payroll figures due on Friday.

At 10:00 a.m. EDT [1400 GMT], the Institute of Supply
Management releases its services sector index for April.
Economists expect a reading of 56.0 versus 55.4 in the prior
month.

S&P 500 futures (SPc1: ) were down 4.6 points and 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 (DJc1: ) fell 22
points, while Nasdaq 100 futures (NDc1: ) dipped 7.75 points.

Time Warner Inc (TWX.N: ) posted a better-than-expected
quarterly profit early Wednesday after a strong rebound in
advertising sales at its cable television networks and
magazines as well as strong DVD sales. [ID:nN04115489] The
stock rose 2.9 percent to $33.60 before the bell.

Oil (CLc1: ) fell below $82 a barrel a day after suffering
its steepest one-day percentage loss in three months, on rising
oil inventories and a firm dollar.

Global stocks fell to eight-week lows and the euro hit a
one-year trough on Wednesday.

Wall Street had its worst sell-off in three months on
Tuesday and the CBOE Volatility Index (.VIX: ), Wall Street’s
so-called fear gauge, finished at its highest level in almost
three months.

A flotilla of nearly 200 boats tackled a massive oil slick
in the Gulf of Mexico, taking advantage of calm weather to
intensify containment efforts [nSPILL]

Stock Basics

(Reporting by Angela Moon; editing by Jeffrey Benkoe)

US STOCKS-Futures dip on Greece concerns; jobs report on tap