US stock futures showed muted movement Wednesday morning as investors processed conflicting economic signals. Softer-than-expected private job growth data was partially offset by a drop in jobless claims. Adding to market uncertainty, reports indicated President-elect Trump was considering a national economic emergency declaration.
Wall Street 's main indexes were set for a subdued open on Wednesday, as investors digested softer-than-expected jobs data and took stock of a report that said President-elect Donald Trump was mulling a national economic emergency declaration. At 8:53 a.m. ET, Dow E-minis were down 8 points, or 0.02%, S&P 500 E-minis were down 2.5 points, or 0.04%, Nasdaq 100 E-minis were down 21.75 points, or 0.10%.
Futures pared losses after an ADP National Employment Report showed private payrolls rose by 122,000 jobs last month, lower than the 140,000 economists polled by Reuters were expecting. However, a separate Labor Department report showed jobless claims stood at 201,000 in the previous week, lower than estimates of 218,000. The main focus this week is Friday's non-farm payrolls data. 'It seems as if one report is contradicting the other. The reduction in jobless claims implies that more people are getting work, whereas the ADP number shows that fewer people got work than expected,' said Sam Stovall, chief investment strategist at CFRA. 'Futures are fluctuating between gains and losses in a minor extent trying to ascertain what this data implies for Friday's payroll numbers.' Megacaps were mixed in premarket trading. Nvidia added 1%, while Alphabet (GOOGL.O), dropped 1.8% and Meta (META.O), was flat. Alleviating some pressure on stocks, the yield on the benchmark 10-year Treasury bond cut gains. Although at 4.7% it was at its highest in eight months. U.S. stocks tumbled on Tuesday after upbeat economic data raised concerns that a rebound in inflation could slow the pace of interest-rate cuts Traders now expect the Federal Reserve to deliver at least two interest rate cuts this year, up from one before the data. The first one is expected in either May or June, according to the CME Group's FedWatch Too
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