US stock futures edged higher on Wednesday, with bitcoin (BTC-USD) also gaining as investors waited for a key jobs reading and other data to test high hopes for an interest-rate cut next week.
Dow Jones Industrial Average futures (YM=F) and S&P 500 futures (ES=F) both inched up roughly 0.2%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) nudged up 0.1%, after the major Wall Street gauges finished Tuesday with gains across the board.
Meanwhile, bitcoin extended its bid to bounce back from a deep, weeks-long slump that pulled the token below $83,000 in recent days. The leading cryptocurrency rose to touch a two-week high above $93,000 on Wednesday before retracing gains somewhat.
Stocks are tentatively poised to resume their own modest rebound as focus zeroes in on the Federal Reserve policy decision next Wednesday, at the end of its two-day December meeting. Markets are pricing in 88% odds of a rate cut, even after Chair Jerome Powell acknowledged “strongly differing views” among Fed rate-setters.
An ADP report on private-sector employment in November could dent or cement those rate bets when it arrives at 8:15 a.m. ET. The shutdown delay to government data means there will be no monthly nonfarm-payrolls report this week. Given that, investors will closely parse the ADP data for fresh clues on labor-market trends and how they might influence the Fed’s next move.
Eyes are also on privately sourced data on services activity in November for insight into inflation last month. The next official update on consumer prices — the PCE print due Friday — is playing catch-up on September.
On the earnings front, Marvell Technology (MRVL) stock climbed over 10% in premarket after the US chipmaker’s upbeat sales outlook and deal to buy Celestial AI. Shares of American Eagle Outfitters (AEO) also surged 10% after the retailer’s strong start to the holiday shopping season. But CrowdStrike (CRWD) slipped despite giving upbeat AI-fueled guidance.
Next up are results from Salesforce (CRM), Macy’s (M), and Dollar Tree (DLTR), all reporting Wednesday.
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