US STOCKS-Futures up ahead of ADP, May retail sales in view

* ADP report, jobless claims, ISM data on tap

* Costco misses consensus, May retail sales due

* BP makes progress in stopping spill, ADRs rise

* Futures up: Dow 19 pts, S&P 4.1 pts, Nasdaq 4.25 pts

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

By Ryan Vlastelica

NEW YORK, June 3 (BestGrowthStock) – U.S. stock index futures
pointed to a higher opening on Thursday on hopes that an
upcoming report on the labor market will show improvement in
the economy.

Retailers will be in the spotlight as they report May
same-store sales, which will show whether consumers are opening
their wallets. Costco Wholesale Corp (COST.O: ) posted
weaker-than-expected April sales. [ID:nSGE652070]

The ADP national employment report, due at 8:15 a.m. EDT
(1215 GMT), is expected to show a gain of 60,000 private-sector
jobs in May, up from 32,000 added in April.

“The ADP could give us a continued sense that the economy
is coming back, and that there might be enough strength in the
U.S. recovery to overcome any concerns about a weaker Europe,”
said Rick Meckler, president of LibertyView Capital Management
in New York.

On Friday, the critical May non-farm payroll report will be
released, with economists looking for 513,000 non-farm jobs
being added to the economy. U.S. President Barack Obama said he
believed the report will show strong growth. For details, see
[ID:nN02175839]

Meckler said a strong ADP number “lowers the chance” of a
number far below consensus in the Friday report and would
increase optimism about the payroll report.

S&P 500 futures (SPc1: ) gained 4.1 points and were above
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: ) rose 19
points, and Nasdaq 100 futures (NDc1: ) were up 4.25 points.

Weekly jobless claims are due at 8:30 a.m. EDT (1230 GMT),
with economists expecting a drop of 10,000 to 450,000 in the
latest week. April durable goods, factory orders and the ISM
non-manufacturing index are all due at 10:00 a.m. EDT (1400
GMT).

Robot submarines made halting progress in BP Plc’s (BP.N: )
(BP.L: ) battle to siphon off oil belching from its ruptured
wellhead in the Gulf of Mexico, but tar balls and other debris
from the spill pose new threats to the region’s shoreline.
U.S.-listed shares of BP gained 4 percent to $39.18 before the
bell. [ID:nN03207991]

Texas Instruments Inc (TXN.N: ) and five other companies will
jointly boost investments in devices that use the Linux
open-source software. [ID:nLDE652033]

General Electric Co (GE.N: ) and Japanese trading house
Itochu Corp (8001.T: ) will invest in large wind and other
renewable energy projects. Shares of GE, a Dow component, were
up 0.5 percent at $16.43. [ID:nLDE652033]

On the earnings front, SAIC Inc (SAI.N: ) is the only S&P 500
company scheduled to report.

Overseas markets were higher on Thursday, with both
European and Japanese stocks hitting two-week highs on optimism
over the U.S. labor market.

U.S. stocks (Read more about the stock market today. ) rose on Wednesday, led by energy shares as
investors grabbed beaten-down shares.

Stock Market Investing

(Editing by Jeffrey Benkoe)

US STOCKS-Futures up ahead of ADP, May retail sales in view