#StockMarket #PayrollsReport #CorporateEarnings
Stock Market Update: Futures Unchanged Ahead of Private Payrolls Report
Stock futures remained relatively unchanged on Tuesday evening as investors prepared for the release of private payroll data and analyzed the latest corporate earnings reports. In the after-hours trading session, Hewlett Packard Enterprise ($HPE) surged over 17% following its fiscal second-quarter results, which surpassed analysts' expectations on both revenue and earnings. CrowdStrike ($CRWD) also experienced a nearly 7% increase due to stronger-than-anticipated earnings and optimistic guidance.
The day marked a subdued yet successful day on the stock market. The Dow Jones Industrial Average gained approximately 140 points, while the S&P 500 and Nasdaq Composite each added around 0.2%. The Job Openings and Labor Turnover Summary (JOLTS) data, published Tuesday morning, revealed 8.059 million job vacancies in April, representing the lowest level in over three years. This figure fell short of the 8.4 million consensus forecast from Dow Jones-surveyed economists.
Upcoming labor market statistics, including Wednesday's ADP employment report and the Bureau of Labor Statistics' jobs report on Friday, are expected to capture the market's attention. Bill Northey, investment director at U.S. Bank Wealth Management, emphasized the significance of these data points from a monetary policy standpoint, stating, 'Investors are keenly focused on the most recent labor market health indicators — JOLTS today, the ADP survey tomorrow, and the [Bureau of Labor Statistics] labor report on Friday. All are essential data points in the context of monetary policy.'
Perspective:
The comments section is filled with discussions about the impact of labor market data on the Federal Reserve's interest rate decisions. Many investors are eagerly awaiting the upcoming reports to gauge the economy's contraction and potential rate reductions. Some commentators are optimistic about the recent corporate earnings, while others express caution due to the mixed signals from the labor market.
Data:
- The JOLTS data indicates a decline in job vacancies, which could signal a slowdown in the labor market and potentially influence the Federal Reserve's monetary policy decisions.
- The ADP employment report and the Bureau of Labor Statistics' jobs report are crucial indicators of labor market health and will be closely watched by investors.
- Hewlett Packard Enterprise's fiscal second-quarter results surpassed analysts' expectations, leading to a significant surge in its stock price.
Original Article: https://www.cnbc.com/2024/06/04/stock-market-today-live-updates.html
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