US stock futures rose on Wednesday as investors looked to data that signaled more cooling in the labor market.
S&P 500 (^GSPC) futures were 0.3% higher, while Dow Jones Industrial Average (^DJI) futures ticked up 0.2%. Nasdaq 100 (^NDX) futures moved up 0.4%, after the gauges closed Tuesday mixed.
Wednesday brought fresh signs of softening in the labor market, as the ADP gauge on private payrolls missed expectations, finding 103,000 added jobs in November.
That came after Tuesday’s soft reading on jobs openings bolstered optimism for a Fed pivot to cutting interest rates. Markets are pricing in at least 100 basis points of cuts next year. But doubts about policy remain, with strategists warning those bets look “overdone.”
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
Meanwhile, bitcoin (BTC-USD) briefly surged past $44,000 as more retail investors dived in and embraced hopes for rate cuts and coming spot bitcoin ETFs. The leading digital asset has since given up those gains, coming off notching a six-day win streak, its longest since May, on Tuesday.
Investors will get a window into America’s largest banks later when the CEOs of JPMorgan Chase (JPM), Goldman Sachs (GS), and Bank of America (BAC), among others, give testimony before the Senate’s banking committee.
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Source: finance.yahoo.com