FX.co ★ US Futures Hold Muted Momentum After ADP

On Wednesday, futures linked to U.S. equities displayed a mixed performance, trailing behind the gains seen in Treasuries, as investors continued to evaluate the earnings outlook amidst an environment of expected lower interest rates coupled with heightened economic uncertainty. The S&P 500 and Dow futures edged higher, further building on their previous session's record highs, while Nasdaq 100 futures saw a slight decline. In line with anticipations, ADP data indicated a modest recovery in private sector employment for December, supporting the notion of a labor market characterized by gradual hiring and minimal layoffs, which in turn sustains expectations for more interest rate reductions by the Federal Reserve this year. The technology sector showed mixed results, with semiconductor stocks generally maintaining their upward momentum from the previous day. Futures for Valero, Marathon Petroleum, and Phillips 66 rose following President Trump's announcement that the U.S. has secured initial oil exports from Venezuela, benefiting refineries capable of processing the heavy, sour crude prevalent on the Gulf Coast. Additionally, Chevron, the sole U.S. firm operating in Venezuela, experienced gains.