US STOCKS-Wall St to open lower as Greek debt issues remain

* Worries persist Greek sovereign debt crisis could spread

* US private sector added jobs in April, March: ADP report

* Futures down: S&P 8 pts, Dow 65 pts, Nasdaq 16.50 pts

* For up-to-the-minute market news see [STXNEWS/US]
(Updates with ADP report)

By Angela Moon

NEW YORK, May 5 (BestGrowthStock) – Wall Street was set for a lower
open on Wednesday as continued jitters about Greece’s sovereign
debt crisis and its potential to spread overshadowed data
showing jobs growth in the U.S. private sector.

Private employers in the United States added 32,000 jobs in
April, and revisions to previous data showed an unexpected rise
in March, according to a report by payrolls processor ADP
Employer Services on Wednesday. For details, see
[ID:nEAP103001]

Zach Pandl, economist at Nomura Securities International in
New York, said the data has taken a back seat to the fiscal
crisis in Europe. “The market doesn’t seem to be paying too
much attention to the reasonably good economic news out of the
United States today.”

S&P 500 futures (SPc1: ) were down 8 points and were 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 65
points, while Nasdaq 100 futures (NDc1: ) dipped 16.50 points.

Time Warner Inc (TWX.N: ) posted a better-than-expected
quarterly profit on a rebound in advertising sales at its cable
networks and magazines, but the stock dipped 0.1 percent in
premarket trade. [ID:nN04115489]

UBS cut its price targets on Alcoa Inc shares and other
mining companies. Alcoa (AA.N: ) dipped 2.1 percent to $12.32
before the bell. Materials and industrial stocks have been
under pressure this week as they are sensitive to the outlook
of global economic growth.

CONTAGION WARNING

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 halted 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.

Oil prices (CLc1: ) fell to near $80 a barrel, a day after
suffering its steepest one-day percentage loss in three months,
on rising oil inventories and a firm dollar. The Select Sector
SPDR Energy ETF (XLE.P: ) fell 1.1 percent.

Chevron Corp (CVX.N: ) shares were down 1.2 percent at $79.76
and Exxon Mobil Corp (XOM.N: ) dipped 0.7 percent to $66.01.

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.

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.

Growth Stocks

(Additional reporting by Ryan Vlastelica; Editing by
Padraic Cassidy)

US STOCKS-Wall St to open lower as Greek debt issues remain