US stock futures edged higher on Wednesday, with bitcoin (BTC-USD) also gaining as investors digested the monthly ADP jobs update that showed a surprise decline in private-sector employment last month.
Dow Jones Industrial Average futures (YM=F) and S&P 500 futures (ES=F) both edged up roughly 0.2%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) also rose about 0.2%, after the major Wall Street gauges finished Tuesday with gains across the board.
Meanwhile, bitcoin extended its bid to bounce back from a deep, weeks-long slump that pulled the token below $83,000 in recent days. The leading cryptocurrency rose to touch a two-week high above $93,000 on Wednesday before retracing gains somewhat.
Stocks are tentatively poised to resume their own modest rebound as focus zeroes in on the Federal Reserve policy decision next Wednesday, at the end of its two-day December meeting. Markets are pricing in 88% odds of a rate cut.
The ADP report on private-sector employment in November could add fuel to the rate-cut fire. The report showed that private employers shed 32,000 jobs last month, compared to expectations for a modest gain. ADP said the decline was driven by a sharp pullback from small businesses.
Eyes are also on privately sourced data on services activity in November for insight into inflation last month. The next official update on consumer prices — the PCE print due Friday — is playing catch-up on September.
On the earnings front, Marvell Technology (MRVL) stock climbed over 10% in premarket after the US chipmaker’s upbeat sales outlook and deal to buy Celestial AI. Shares of American Eagle Outfitters (AEO) also surged 10% after the retailer’s strong start to the holiday shopping season. But Macy’s (M) shares fell after the retailer posted a surprise profit but underwhelmed with its sales outlook amid an ongoing overhaul.
Salesforce (CRM) is also on Wednesday’s earnings docket after the bell.
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