Stocks Inch Higher Before Key News

Stocks are inching higher today as investors prepare for key economic data and a big announcement from the Federal Reserve.

S&P 500 futures are up by about one-tenth of a percent. Markets are closed in Europe and China in observance of May Day, though Japan’s Nikkei fell almost half a percent overnight. Commodities are weak.

ADP reports its private-sector survey for April at 8:15 a.m. ET, followed by the Institute for Supply Management’s manufacturing index at 10 a.m. ET. Both have the potential to move the market, and both missed expectations last month.

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