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Stock futures trimmed losses after healthy June employment data and an improved weekly jobless claims report.

Dow futures were down 49 points. Nasdaq 100 futures were off 10.50 points. S&P 500 futures were 5.5 points lower. All were well above earlier lows.

The stock market today will be monitoring 50-day moving averages. The Nasdaq ended just above its 50-day line Monday and Tuesday. The Dow and S&P 500 have been bumping up against their 50-day levels, but unable to retake support, since Thursday. A follow through strong enough to jolt the market back into an uptrend would require a decisive, strong-volume move above this level of resistance/support.

The number of announced layoffs in June rose 4.8% year-over-year, to 39,372, according to consulting firm Challenger, Gray & Christmas. The firm said the computer and education sectors led in layoffs for the month. For the first half of the year, job cuts declined 8.5% vs. the first half of 2012.

The June employment report from payroll manager ADP showed the economy added 188,000 jobs in June, up 39% from May’s gains and well above expectations for 165,000 new hires. Gains were spread across the economy, with small businesses adding nearly half of the month’s total. Goods producing companies added 27,000 new jobs, ADP said, a reversal from the segment’s declines in May.

Initial jobless claims declined to 343,000 in the week ended June 29, the Labor Department reported, down from an upwardly revised 348,000 claims for the prior week. Analysts had forecast a more mild dip, to 345,000.

In stocks, steel and metals companies took some of the hardest premarket hits, with Tenaris (TS), Arcelor Mittal (MT) and Alcoa (AA) all down more than 2%.

Leading stocks generally held their ground in tame trade. A couple of standouts include Dunkin’ Brand Doughnuts (DNKN), which jumped 2%. The coffee shop chain ended Tuesday at a new high after rebounding from support at its 50-day moving average.

Spirit Airlines (SAVE) slumped 4%. The stock has seen some powerful volume support in its rebound from 50-day support begun a week ago.

Overseas, Asia’s markets posted uneven losses. The Shanghai Composite and the Nikkei 225 in Tokyo slipped 0.6% and 0.3%, respectively. Hong Kong’s Hang Seng index tanked 2.5% after a weak reading on service sector activity in June.

Europe’s stocks faltered, affected by the economic news out of China, as well as rising conflict in Egypt and political turmoil in Portugal. Major indexes in Paris, London and Frankfurt were all down more than 1.5% near noon.

The euro rebounded from a five week low vs. the dollar. The buck flickered back and forth above the key 100-yen level. Crude oil topped $101 a barrel in early trade, its highest level since May 2012. Gold climbed a fraction to above $1,252 an ounce.

One piece of additional economic news, the Institute for Supply Management’s services index for June, is expected out at 10 a.m. ET.