Stocks were able to finish yesterday’s volatility session at near highs, but early Wednesday trading could regain some rationale. Major index futures are currently market, The Dow futures are down 104 points.
New concerns about the pace of US economic growth could create early sales pressure after salary processor ADP released a report showing that private sector employment growth was much lower than expected in July. there is.
ADP said private sector employment surged in June with a downwardly revised 680,000 employment, followed by an increase in 330,000 employment in July.
Economists expected private-sector employment to surge by 695,000, compared to the 692,000 surge that was first reported last month.
On Friday, the Ministry of Labor will release a more closely monitored monthly employment report, including both public and private sector jobs.
Economists now expect reports to show a surge in 880,000 jobs in July after a surge in 850,000 jobs in June. The unemployment rate is expected to drop from 5.9% to 5.7%.
A noticeable fall in General Motors (GM) stocks could also weigh on Wall Street, with auto giants declining 3.8% in pre-market transactions.
The decline from GM is due to the company’s report that second-quarter earnings fell short of analysts’ estimates, although automakers raised guidance for the full year.
Shortly after the transaction begins, the Institute for Supply Management will publish a report on the activities of the services sector in July.
ISM’s service PMI is expected to rise from 60.1 in June to 60.4 in July, with numbers above 50 indicating sector growth.
Stocks rose most of the time during Tuesday’s trading day after significant volatility was seen early in the session. With the rise on the day, the S & P 500 ended the session and set a new record high.
The key average ended the day at the highest level of the session and rose further towards the closing price. The Dow rose 278.24 points (0.8%) to 35,116.40, the Nasdaq rose 80.23 points (0.6%) to 14,761.30, and the S & P500 rose 35.99 points (0.8%) to 4,423.15.
In foreign trading, the Asia-Pacific stock market almost rose on Wednesday, but Japan’s Nikkei 225 Index receded its upward trend and fell 0.2%. Both China’s Shanghai Composite Index and Hong Kong’s Hang Seng Index rose 0.9%.
On that day, major European markets also started to rise. Germany’s DAX index has risen 0.6%, while France’s CAC 40 index and the UK’s FTSE 100 index have both risen 0.3%.
In commodity trading, crude oil futures fell $ 1.23 to $ 69.33 a barrel after falling $ 0.70 to $ 70.56 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $ 1,827.80, up $ 13.70 compared to the closing price of $ 1,814.10 in the previous session. On Tuesday, gold fell $ 8.10.
On the currency side, the US dollar is trading at 108.81 yen, compared to 109.04 yen at the end of trading in New York on Tuesday. Against the euro, the dollar is trading at $ 1.1885 compared to yesterday’s $ 1.1864.
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U.S. stocks could retreat in early trading
Source link U.S. stocks could retreat in early trading