Traders work on the floor of the New York Stock Exchange during afternoon trading on June 3, 2024.
Michael M. Santiago | Getty Images
Stock futures were slightly higher on Wednesday as investors analyzed the latest corporate earnings and prepared for the private employment report.
Dow Jones Industrial Average Futures It increased by 42 points, or 0.1%. S&P 500 Futures Up 0.2% Nasdaq 100 Futures It rose by about 0.4%.
Hewlett Packard Enterprise The company beat Wall Street expectations on both lines in the second quarter, sending its shares up more than 14%. Crowdstrike The stock rose nearly 7% on the better-than-expected earnings and outlook.
These moves came after a quiet but triumphant day on Wall Street. Dow It increased by about 140 points. S&P 500 and Nasdaq Composite Index Each increased by nearly 0.2%.
Tuesday saw the release of the first of several data offering insight into the state of the labor market, a key topic for traders looking for signs that the Federal Reserve has tightened the economy enough to begin cutting interest rates. Job openings and labor force movements data, known as JOLTS, released Tuesday morning showed that job openings rose to 8.059 million in April, the lowest in more than three years, and well below the consensus forecast of 8.4 million from economists surveyed by Dow Jones.
The next employment report to watch is from ADP on Wednesday morning, when economists surveyed by Dow Jones expect the data to show private employers added 175,000 jobs in May.
Traders will also be keeping a close eye on services and non-manufacturing purchasing data due for release on Wednesday, before turning their attention to weekly jobless claims on Thursday and the all-important May payrolls report on Friday.
“Upcoming labor market data will obviously be a focus for the market as a whole,” said Bill Northey, investment director at U.S. Bank Wealth Management. “Investors will be looking at the JOLTS today, the ADP survey tomorrow and the latest indicators of the health of the labor market.” [Bureau of Labor Statistics] “The labor report on Friday. Both of these are important data points from a monetary policy perspective.”
In terms of revenue, discount retailers Dollar Tree The results are expected to be announced before the bell. Lululemon The company plans to announce its results after the market closes.
