US stock futures fell on Wednesday, putting Wall Street on the right track to give up some of its sharp gains from the past two sessions.
Dow Jones Industrial Average futures were down 332 points, or 1.1%. S&P 500 and Nasdaq 100 futures were down 1.2% and 1.4%, respectively.
Treasury returns refreshed WednesdayStocks are overburdened. The 10-year rate was trading 7 basis points higher at 3.697% after briefly dropping below 3.6% in the previous session.
ADP Payroll Services Company Released a jobs report, which showed the addition of 208 thousand jobs in September, which is better than expected by Dow Jones estimates. Traders are still looking forward to Friday’s non-farm payrolls report.
On Tuesday, the Dow jumped 825 points, or 2.8%. The S&P 500 rose about 3.1%, while the Nasdaq Composite advanced 3.3%. These gains, which came on the back of lower bond yields, led to the strongest two-day extension for the S&P 500 since 2020.
Meanwhile, a Weakness in the latest job opportunities data Some investors were considering whether the Federal Reserve would slow the pace of interest rate hikes.
Market participants wondered if these signs could mean that markets have finally settled on the bottom after sharp declines in the previous quarter.
“I don’t think you should worry about a recession until the second half of ’23,” Barry Bannister, chief equity strategist at Stifel, said Tuesday on CNBC’s “Closing Bell: Overtime.” “So there is room for a gathering as we enter the first part of next year.”
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