Wall Street higher after data raises rate cut hopes; Fed minutes eyed
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.
Jobs data points to easing labor market
ISM services PMI weaker than expected
Paramount jumps on report of Skydance Media deal
First Foundation slumps after capital raise
Indexes up: Dow 0.04%, S&P 0.18%, Nasdaq 0.18%
Updated at 10:06 a.m. ET/1406 GMT
By Ankika Biswas and Lisa Pauline Mattackal
July 3 (Reuters) - U.S. stock indexes edged higheron Wednesday in a holiday-shortened trading session, as data pointing to a softening economy raised hopes for a September start to the Federal Reserve's policy easing.
The equity market will close early on Wednesday and stay shut on Thursday on account of U.S. Independence Day, keeping trading volumes thin throughout the week.
Both theADP Employment report and weeklyjobless claims data pointed to easing labor market conditions, a welcome signal ahead of Friday's closely watched non-farm payrolls report. Markets hope signs of weakness in the labor market will boost chances of the Fed cutting interest rates.
"It's quite a strong unemployment claims number, and it's fitting in with an overall trend that's probably an indication of loosening up in the jobs market. It must be quite welcoming for the Fed," said David Morrison, Trade Nation senior market analyst.
Additionally, PMI data from the Institute for Supply Management was weaker than expected, and factory orders unexpectedly slumped, strengthening the case for easing policy.
Wednesday's data prompted market participants to boost bets of a September rate cut to over 70%,as per LSEG's FedWatch.<FEDWATCH>
The Fed'sJune meeting minutes are due later in the day.
Tesla TSLA.O jumped 3.9%, trading at a near six-month high after a more than 10% gain on Tuesday following a smaller-than-expected drop in second-quarter vehicle deliveries.
The Philadelphia SE Semiconductor Index .SOX rose 0.5%, helped by gains in the U.S. listing of Taiwan SemiconductorManufacturing TSM.N and Broadcom AVGO.O, which rose 2.0% and 1.8%.
However, megacaps NvidiaNVDA.O, Alphabet GOOGL.O, Microsoft MSFT.O, and Amazon.com AMZN.O slipped between 0.1% and 1%.
On the other hand, an index of smallcap stocks .RUT was0.4% higher, while the economically sensitive materials .SPLRCM and utilities .SPLRCU S&P 500 subsectors were up0.9% and 1.1%.
"The tendency at the moment is towards rotation ... we have quite a few days where we see the Russell down, and tech up and vice versa," Morrison said, though noting that the market's optimism around megacap tech stocks was still strong.
As the S&P 500 has jumped over 15% in the first half of 2024, largely supported by top-tier high momentum technology-related stocks, the benchmark index's equal-weighted counterpart .SPXEW only rose 5% and small and mid-cap stocks have significantly lagged.
At 10:06 a.m. ET, the Dow Jones Industrial Average .DJI was up 14.44 points, or 0.04%, at 39,346.29, the S&P 500 .SPX was up 9.83 points, or 0.18%, at 5,518.84, and the Nasdaq Composite .IXIC was up 32.02 points, or 0.18%, at 18,060.78.
Among other movers, Paramount Global PARA.O jumped 10% after Shari Redstone's National Amusements reached a preliminary deal to sell its controlling interest in the media giant to David Ellison's Skydance Media.
Lender First Foundation FFWM.N shed 24.7% after the company, which holds a huge portfolio of multifamily real estate loans,disclosed a $228 million unexpected capital raise.
Advancing issues outnumbered decliners by a 3.43-to-1 ratio on the NYSE and by a 1.73-to-1 ratio on the Nasdaq.
The S&P index recorded 13 new 52-week highs and threenew lows, while the Nasdaq recorded 25 new highs and 65 new lows.
Reporting by Ankika Biswas and Lisa Mattackal in Bengaluru; Editing by Maju Samuel
免責聲明: XM Group提供線上交易平台的登入和執行服務，允許個人查看和/或使用網站所提供的內容，但不進行任何更改或擴展其服務和訪問權限，並受以下條款與條例約束：（i）條款與條例；（ii）風險提示；（iii）完全免責聲明。網站內部所提供的所有資訊，僅限於一般資訊用途。請注意，我們所有的線上交易平台內容並不構成，也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。
所有缐上交易平台所發佈的資料，僅適用於教育/資訊類用途，不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議，或是交易價格紀錄，或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。
本網站的所有XM和第三方所提供的内容，包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接，皆爲‘按原狀’，並作爲一般市場評論所提供，而非投資建議。請理解和接受，所有被歸類為投資研究範圍的相關内容，並非爲了促進投資研究獨立性，而根據法律要求所編寫，而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊，相關詳情請點擊 這裡查看。
