U.S. stock futures rose on Wednesday as technicals helped set the stage for fresh record highs and investors awaited clues from Federal Reserve Chairman Jerome Powell on what will happen next on interest rates.
Dow Jones Industrial Average futures () rose 0.5%, or more than 200 points, while S&P 500 futures () followed by 0.3%. all-time high at the close. Nasdaq 100 Technology Index Contracts () increased by 0.7%.
Salesforce (CRM) shares rose about 13% in premarket trading after the software maker raised quarterly revenue raised hopes for its artificial intelligence products. Okta shares (OKTA) and Marvell (MRVL) also jumped amid well-received earnings reports, setting a positive tone for techies.
Anticipation is building for Powell to appear in New York at a later date, and Wall Street is keen to see if the uptick in confidence ahead of a December rate cut is warranted. Fed officials have signaled support for more easing as they prepare for their final meeting of the year.
The central bank is expected to cut rates at its December 18 meeting. Traders see about a 74% chance of a 25 basis point decline, down from about 66% a week ago, according to CME FedWatch tool.
Next, the focus is on the reading of private payrolls for November job data the labor market is expected to soften, but not too much. The ADP report emphasizes a busy Wednesday PMI and other economic releasesand leading up to Friday’s all-important monthly jobs report.
Investors also closely followed the political upheaval in France following the upheaval in South Korea dragged stocks down there. French lawmakers will vote on a vote of no confidence can overthrow the government. Meanwhile, the president of South Korea now facing impeachment after plunging the country into political crisis by briefly declaring martial law.
It will be soon
Live stock market coverage for Wednesday, December 4, 2024
