(CercleFinance.com) – The New York Stock Exchange should open slightly higher on Wednesday morning after three sessions in the red, reacting positively to figures from the ADP survey on employment in the private sector.
Half an hour before the opening, the ‘futures’ contracts on the S&P 500 and Nasdaq 100 indices advance from 0.3% to 0.8%, announcing a start to the session in positive territory.
The trend seems to have been boosted by expectations of a slowdown in rate hikes from the Federal Reserve following a lackluster private job creation indicator.
According to the results of the survey by the private firm ADP, the private sector created only 132,000 jobs in August, a figure well below expectations.
This indicator, which falls two days before the general employment statistics published by the Labor Department, suggests that the labor market could begin to run out of steam, which could justify an attenuation of the monetary tightening in progress.
Hopes for rate cuts were dampened last Friday when Fed Chairman Jerome Powell gave a particularly tough speech on fighting inflation at Jackson Hole.
But the Fed boss also said that the central bank would react according to economic indicators due to be published in the coming months.
The S&P 500 index, which has fallen by more than 5% over the last three sessions, seems ripe for a recovery anyway after having sunk the psychological bar of 4000 points yesterday.
On the oil market, US light crude fell 2.3% to 89.5 dollars in a still volatile market.
Since early June, WTI has lost 27% of its value, but still shows a 20% increase since January 1.
Apart from the ADP employment statistics, traders will learn in the morning of the figures for US oil inventories at the end of the past week.
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