According to Yahoo News, US stock futures experienced an increase on Wednesday as investors observed data indicating further cooling in the labor market. S&P 500 futures rose by 0.3%, Dow Jones Industrial Average futures increased by 0.2%, and Nasdaq 100 futures went up by 0.4%. These changes occurred after the indices closed mixed on Tuesday.
Wednesday's data revealed signs of a weakening labor market, with the ADP gauge on private payrolls missing expectations and reporting 103,000 added jobs in November. This followed Tuesday's soft reading on job openings, which fueled optimism for a potential Fed pivot towards cutting interest rates. Markets are currently pricing in at least 100 basis points of cuts for next year, although some strategists warn that these bets may be overdone.
In the meantime, bitcoin briefly surged past $44,000 as more retail investors entered the market, driven by hopes for rate cuts and upcoming spot bitcoin ETFs. However, the leading digital asset has since relinquished those gains, ending its six-day winning streak, which was its longest since May. Later, investors will gain insight into America's largest banks when the CEOs of JPMorgan Chase, Goldman Sachs, and Bank of America testify before the Senate's banking committee.
