S&P 500 Futures Tick Higher as US ADP Jobs Report Looms
[Insert Bar Chart Here] S&P 500 futures pointed higher on Wednesday morning ahead of the release of the ADP Employment Report, which is expected to provide insights into the US labor market’s health.
Key Points:
* As of 7:35 AM ET, Dow futures were up by 82 points, or 0.25%, while S&P 500 futures rose by 11 points, or 0.27%. Nasdaq 100 futures gained 22 points, or 0.20%. * The ADP Employment Report, due at 8:15 AM ET, is forecast to show that the private sector added 140,000 jobs in December, according to economists polled by Reuters. * A strong jobs report could fuel expectations of a more aggressive pace of interest rate hikes by the Federal Reserve, which could weigh on stock prices. * The benchmark S&P 500 index closed at 3,824.11 points on Tuesday, retreating from a session high of 3,862.43 points.
Technical Analysis:
* The S&P 500 futures are currently trading above the 3,830 support level. * If the futures rise further, they could target the 3,840 resistance level. * A breakdown below 3,830 could lead to a move towards the 3,820 support level.
Market Movers:
* Shares of Tesla (TSLA) rose in premarket trading after the electric vehicle maker announced price cuts in China. * Shares of Amazon (AMZN) climbed higher after the company unveiled a new drone delivery service in California. * Shares of Intel (INTC) fell after the chipmaker reported disappointing fourth-quarter results.
Upcoming Events:
* 8:15 AM ET: ADP Employment Report * 10:00 AM ET: MBA Mortgage Applications * 10:30 AM ET: EIA Crude Oil Inventories
Conclusion:
S&P 500 futures are cautiously optimistic ahead of the ADP Employment Report. A strong job growth report could support the case for higher interest rates, which could weigh on stocks in the near term. However, a disappointing report could provide some relief to equity investors.
U.S. Stock Futures Tick Higher as ADP Jobs Report Looms
U.S. stock futures edged higher on Thursday morning as investors awaited the release of the ADP’s National Employment Report, which is expected to provide insights into the health of the labor market ahead of Friday’s nonfarm payrolls report.
Key Points:
* Dow Jones Industrial Average futures were up 0.2% at 34,165. * S&P 500 futures were up 0.2% at 4,161. * Nasdaq Composite futures were up 0.3% at 13,461.
ADP Jobs Report:
* The ADP National Employment Report is scheduled to be released at 8:15 AM ET. * Economists expect the report to show that private payrolls increased by 200,000 in January, following a gain of 235,000 in December.
Other Factors:
* The release of the ADP report comes ahead of the more comprehensive nonfarm payrolls report on Friday, which is expected to provide a more complete picture of the labor market. * Investors are also monitoring developments related to the Ukraine-Russia conflict and the ongoing COVID-19 pandemic.
Company News:
* Lyft Inc (LYFT) announced it would cut 13% of its workforce, or about 700 jobs. * Lululemon Athletica Inc (LULU) reported better-than-expected quarterly results and raised its full-year forecast.