Wall Street is poised for a rebound in Wednesday’s session, with futures on major U.S. indices in the green at 8:00 a.m. New York time, following two consecutive sessions of declines for the S&P 500.
A worse-than-expected print in the ADP National Employment Report for November has revamped speculation about Fed rate cuts in 2024, ahead of the eagerly awaited jobs report scheduled for release on Friday. In November, the private employment growth was 103,000 according to the ADP, below the 130,000 expected.
On Tuesday, job openings dropped from 9.35 million in September to 8.733 million in October, raising concerns among market participants about a continuing softening in labor market conditions.
The dollar settled at a steady level after initial gains in the early morning, while Treasury yields remained mostly unchanged. Oil prices continued to decline, with WTI trading at $71 per barrel, and gold edged up by 0.5% to $2,035 per ounce.
Chinese stocks traded domestically are still facing downward pressure following Moody’s decision to downgrade China’s credit outlook from neutral to negative, citing a challenging fiscal path for the world’s second-largest economy. The FTSE China A50 Index fell by 0.44%, reaching lows last seen in early November 2022.
In the cryptocurrency market, momentum remains solid, with Bitcoin (CRYPTO: BTC) surpassing $44,000 and reaching a market cap of $860 billion. Alongside Ethereum (CRYPTO: ETH), the two largest cryptocurrencies now have a combined value of approximately $1 trillion.
US Futures Performance On Wednesday
| Futures | Performance (+/-) | Value |
| Nasdaq 100 | +0.55% | 15,954.18 |
| S&P 500 | +0.41% | 4,586.82 |
| Dow | +0.32% | 36,241.13 |
| Russell 2000 | +0.69% | 1,871.17 |
In premarket trading on Tuesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) edged up 0.4% to $458.50 and the Invesco QQQ ETF (NASDAQ:QQQ) rose 0.51% to $389.28, according to Benzinga Pro data.
The CBOE Volatility Index, or VIX, is trading 0.9% lower to 12.74.
Economic Data To Watch
In November, private businesses added 103,000 workers, down from 113,000 in October and below the expected 130,000. Chief economist at ADP, Nela Richardson, highlighted the pivotal role of restaurants and hotels in post-pandemic employment growth but also suggested that this trend is waning, indicating a likelihood of more modest…
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