U.S. stock futures rose on Wednesday as investors awaited data suggesting further slowdown in the labor market.
S&P 500 (^GSPC) futures rose 0.3%, while Dow Jones Industrial Average (^DJI) futures rose 0.2%. Nasdaq 100 (^NDX) futures rose 0.4% after indicators closed mixed on Tuesday.
Wednesday brought new signs of weakening in the labor market as the ADP private payrolls gauge fell short of expectations, noting 103,000 new jobs in November.
This came after weak jobs numbers on Tuesday bolstered optimism for a Fed pivot to rate cuts. Markets are pricing in cuts of at least 100 basis points next year. But doubts about the policy remain, and strategists warn that these bets appear “overblown.”
Read more: What the Fed’s pause on interest rate hikes means for bank accounts, CDs, loans and credit cards
Meanwhile, Bitcoin (BTC-USD) briefly rose above $44,000 as more retail investors jumped in, hoping for interest rate cuts and upcoming spot Bitcoin ETFs. The leading digital asset has since given up those gains, snapping a six-day winning streak on Tuesday, its longest since May.
Investors will get a glimpse into America’s biggest banks later when the CEOs of JPMorgan Chase (JPM), Goldman Sachs (GS) and Bank of America (BAC), among others, testify before the Senate Banking Committee.
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