Major market averages inched higher on Wednesday, as private nonfarm payrolls comes below consensus.
The stock market will close early at 1 p.m. ET and the bond market will close at 2 p.m. ET ahead of the July 4 holiday.
Nasdaq Composite (COMP:IND) +0.1%, S&P 500 (SP500) +0.1%, Dow (DJI) +0.1%
The 10-year Treasury yield (US10Y) was down 2 basis points at 4.41%. The 2-year yield (US2Y) was flat at 4.75%. See how Treasury yields have done across the curve at the Seeking Alpha bond page.
Market participants will witness plenty of macroeconomic data today.
Private nonfarm payrolls rose 150K in June, compared with an upwardly revised 157K in May, according to ADP’s monthly labor market measure out Wednesday.
U.S. employers announced 48,786 job cuts in June, which was down 23.6% from May, according to the monthly survey from Challenger, Gray & Christmas.
Jobless claims rebounded after two weeks of decline. The Initial jobless claims came at +4K to 238K vs. 233K consensus, 234K (revised).
Goods and services trade deficit widened and came at -$75.1B vs. -$76.3B consensus and -$74.5B in April
The June S&P global services PMI is expected to come during market hours, and is forecasted to rise to 55.1. The ISM non-manufacturing PMI is anticipated to come in at 52.6.
“The June ISM services survey will probably provide further signs of disinflation ahead,” Pantheon Macroeconomics added.
Other economic releases include, factory orders and FOMC minutes.
