US stock futures rose on Wednesday, signaling a continuation of a modest rebound as key jobs data looms, which may influence interest rate expectations leading up to the upcoming Federal Reserve policy meeting. Futures contracts for the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 recorded gains of approximately 0.2%.
The broader market experienced a positive close on Tuesday, propelled by major technology stocks including Nvidia, while Bitcoin made a recovery following its sharpest decline since March. Increasing attention is being directed towards the Fed’s upcoming policy decision scheduled for December 10, with the CME FedWatch tool indicating an 89% likelihood of a rate cut.
On Wednesday, traders will scrutinize the ADP private payrolls report set for release at 8:15 a.m. ET. This report is expected to provide critical insights into labor market trends, particularly as government data remains delayed due to the recent shutdown and no nonfarm payrolls report is anticipated for this week. Consequently, the ADP figures will act as one of the last significant labor market indicators before the central bank convenes.
In parallel, discussions continue around President Trump’s selection for the next Federal Reserve chair, with National Economic Council Director Kevin Hassett emerging as a prominent candidate.
Premarket trading saw notable movements in earnings, with shares of US chipmaker Marvell Technology jumping nearly 10% following a stronger-than-expected quarterly report. Similarly, American Eagle Outfitters stock surged by 12% after the retailer raised its full-year outlook, attributing its optimism to a robust start to the holiday shopping season.
Looking ahead, earnings reports from Salesforce, Macy’s, and Dollar Tree are set to be released on Wednesday.
In the cryptocurrency market, Bitcoin climbed to its highest level in two weeks, reaching approximately $93,965, before subsequently trading below the $93,000 mark. This recovery comes as the broader cryptocurrency market seeks to rebound from weeks of decline.
American Eagle Outfitters reported impressive results as well, with its shares soaring over 12% in premarket trading. CEO Jay Schottenstein highlighted a “record-breaking Thanksgiving weekend,” which positively impacted fourth-quarter prospects. The company reported earnings per share of $0.53 for the third quarter, exceeding expectations of $0.43. Their total revenue reached $1.36 billion, reflecting a 6% year-over-year increase, while same-store sales rose 4%. The company anticipates same-store sales growth of 8% to 9% for the fourth quarter.
Overall, the trading day appears poised for significant activity as investors await crucial economic data and corporate earnings, which may shape market sentiment in the near term.
