<\/p>\n\n\n\n
U.S. stock index futures remained mostly unchanged on Friday as markets reopened after the July 4 holiday. Investors eagerly awaited the release of the Labor Department’s non-farm payrolls report, which is expected to provide further insight into the labor market’s condition.<\/p>\n\n\n\n
A softer reading of the report, indicating a slowdown in job growth, could strengthen the case for a Federal Reserve interest rate cut in September. This expectation has been fueled by recent economic data, including weaker-than-expected ADP employment and weekly jobless claims reports.<\/p>\n\n\n\n
Earlier in the week, data revealed a decline in services sector activity to a four-year low and a surprising slump in factory orders, further bolstering market anticipation of multiple rate cuts this year.<\/p>\n\n\n\n
Analysts at ING emphasized the need for a significant slowdown in payroll figures below 150,000 to trigger a substantial repricing in Fed rate expectations to the dovish side, citing the June Fed Dot Plot and rising probability of a Trump win in November as hawkish counterweights.<\/p>\n\n\n\n
Current market predictions, as per CME Group’s FedWatch Tool, indicate a greater than 74% probability of a September interest rate cut, up from 64% last week.<\/p>\n\n\n\n
Despite the holiday-shortened week and light trading volumes, both the S&P 500 and the Nasdaq achieved record closing highs on Wednesday. The strong performance of top technology stocks in the first half of the year contributed significantly to these gains.<\/p>\n\n\n\n
As the second-quarter earnings season approaches, market participants are closely watching whether the rally will extend beyond megacap stocks and if their earnings can continue to justify their high valuations.<\/p>\n\n\n\n
New York Fed President John Williams acknowledged the U.S. economy’s strong performance but emphasized that the Fed still has “a way to go” to achieve its 2% inflation target.<\/p>\n\n\n\n
In premarket trading, Tesla saw a 1.2% increase, while Macy’s surged 6.3% following a report of a revised buyout bid. Conversely, cryptocurrency-related stocks like Coinbase, Riot Platforms, and Marathon Digital suffered losses of 5%-6% after Bitcoin plunged to a four-month low due to concerns about potential selling pressure from defunct Japanese exchange Mt. Gox and leveraged players.<\/p>\n","protected":false},"excerpt":{"rendered":"
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