- US stocks climbed Wednesday on fresh indications that the labor market is cooling.
- The ADP report showed private-sector job growth slowed more than expected, with 177,000 new jobs in August.
US stocks climbed Wednesday, with investors taking in the latest labor market data which pointed to signs of cooling.
Before the markets opened, ADP reported that private-sector employers added 177,000 jobs in August. That's down from the revised total of 371,000 last month, and below Dow Jones survey expectations of 200,000.
A cooling labor market points to easing wage pressures, which takes some pressure off the Federal Reserve and its inflation battle.
"The labor market is cooling and is taking pressure off policymakers concerned with a second wave of inflation," Jeffrey Roach, chief economist for LPL Financial said Wednesday. "Businesses should get some respite as inflation decelerates and the risk of quiet quitting dissipates."
On Tuesday, the Job Openings and Labor Turnover survey showed 8.827 million job openings in July, the third consecutive month of declines and the lowest reading in over two years.
On Friday, the Labor Department will release its August jobs report.
Here's where US indexes stood as the market opened 9:30 a.m. on Wednesday:
- S&P 500: 4,505.47, up 0.17%
- Dow Jones Industrial Average: 34,910.61, up 0.17% (57.94 points)
- Nasdaq Composite: 13,979.62, up 0.26%
Here's what else is going on:
- VinFast suffered an $83 billion wipeout after the EV start-up's shares plunged 44%.
- The case for owning bonds over stocks is the strongest since 2009.
- Expect stocks to plunge at least 10% once a recession is priced in by investors, a strategist said.
- Warren Buffett turns 93 today. Here's why he dreads his birthday.
- Four Big Tech giants have plowed over $1 trillion into stock buybacks in 10 years.
In commodities, bonds, and crypto:
- Oil prices climbed, with West Texas Intermediate up 0.53% to $81.59 a barrel. Brent crude, the international benchmark, inched higher 0.40% to $85.82 a barrel
- Gold edged higher 0.38% to $1,972.60 per ounce
- The 10-year yield ticked lower 2 basis points to 4.098%
- Bitcoin dropped 1.66% to $27,423.