On Wednesday, U.S. stock futures remained positive, with contracts for the three major indices rising by 0.2%. Traders continued to anticipate a 25 basis points interest rate cut by the Federal Reserve in the coming week, even in light of a weaker-than-expected ADP employment report. Current market assessments suggest about an 89% likelihood of such a rate adjustment. Contrary to predictions of a 10,000-job increase, the U.S. private sector unexpectedly lost 32,000 jobs in November, marking the highest monthly decline since March 2023.
In premarket trading, most major technology stocks showed gains. This included Nvidia, which rose by 1.2%; Alphabet, up by 0.1%; Amazon, increasing by 0.3%; Meta, advancing by 0.2%; Broadcom, up 0.3%; and Tesla, which gained 1.2%. Additionally, Oracle saw a 1.8% increase after Wells Fargo rated the stock as overweight and set a target price of $280. Marvell Technology experienced a surge of over 9% following optimistic data center growth projections. Similarly, American Eagle Outfitters saw a jump of more than 13% after revising its annual outlook upwards and reporting a strong start to the holiday season. Conversely, Macy's saw a drop of 4.5% due to underwhelming performance results that failed to meet investor expectations.
