* Oil prices rise to near five-week high
* 216,000 jobs added in U.S. private sector this month - report
* October consumer spending up 0.3 pct vs. est. 0.5 pct
* GoPro rises after announcing job cuts
* Futures: Dow up 42 pts, S&P up 5 pts, Nasdaq down 1 pt (Adds details, comments, updates prices)
By Yashaswini Swamynathan
Nov 30 (Reuters) - The S&P 500 and the Dow looked set to open higher on Wednesday as oil prices soared on prospects of a big output cut by major producers.
Oil prices rose 7 percent to a near five-week high of $49.65. A source told Reuters that delegates were debating a bigger-than-expected cut in production at a meeting in Vienna. CVX.N shares rose 1.98 percent premarket, while Exxon Mobil (NYSE: XOM ) XOM.N and Schlumberger SLB.N were up more than 2.5 percent each. Street is on track for its best month since March, riding on a record rally that was sparked by Donald Trump's victory in the U.S. presidential election.
Investors expect the market to benefit from Trump's policies, including higher spending on infrastructure and simpler regulations in the healthcare and banking industries.
"We got a bounty of economic data today, but all of that probably takes a backseat in terms of our attention to oil," said Art Hogan, chief market strategist at Wunderlich Equity Capital Markets in New York.
The ADP National Employment report showed that 216,000 jobs were added in the U.S. private sector this month, far more than the 165,000 that economists had expected.
The report is seen as a precursor to the more comprehensive monthly jobs data due Friday that includes hiring in the private and public sectors. spending, which accounts for about 70 percent of U.S. economic activity, increased 0.3 percent in October, according to a report by the Commerce Department. have priced in an 89 percent chance of the Fed raising interest rates at its meeting next month, according to Thomson Reuters data, and Friday's employment numbers will play a big role in the central bank's deliberations.
Dow e-minis 1YMc1 were up 42 points, or 0.22 percent, at 8:34 a.m. ET, with 29,372 contracts changing hands.
S&P 500 e-minis ESc1 were up 5 points, or 0.23 percent, with 150,935 contracts traded.
Nasdaq 100 e-minis NQc1 were down 1 point, or 0.02 percent, with 19,159 contracts traded.
Fed Board Governor Jerome Powell is scheduled to speak in Washington, while Cleveland Fed president and voting member Loretta Mester is due to speak in Pittsburgh.
U.S. stocks ended with slight gains on Tuesday as a surge in health stocks managed to limit the drag from energy shares.
Splunk SPLK.O rose 7 percent to $61.40 after the data analytics provider forecast full-year revenue above analysts' expectations.
GoPro GPRO.O rose 3.3 percent after the wearable camera maker said it would cut 15 percent of its workforce and shut its entertainment business. apparel retailer American Eagle Outfitters (NYSE: AEO ) AEO.N dropped 10.6 percent to $16.88 after providing a disappointing profit forecast for the crucial holiday quarter. L4N1DV3YU
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.