Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Wall Street in the green at midday following jump in jobs data; Dow teeters on the flatline

% of readers think this story is Fact. Add your two cents.


12:25pm: Traders await $2T Biden infrastructure proposal

The Dow has been volatile, settling at 11 points above the flatline at 33,078 in the early afternoon. The Nasdaq Composite jumped 240 points, 1.8%, to 13,286, and the S&P 500 added 29 points, 0.7%, to 3,988.

“Softer bond yields have allowed gold to rally as well as tech stocks, as the yellow metal defends the $1,685 area once again,” IG Chief Market Analyst Chris Beauchamp wrote. “If the yield trade begins to cool then we could see some respite for gold after a very dismal quarter, something that would help silver and the mining sector as well, but such hopes remain fairly muted at present thanks to the widespread expectations of a continued economic recovery that will continue to bolster yields.”

On Wednesday night, President Biden is expected to announce an infrastructure spending package of more than $2 trillion, which would be utilized over eight years, according to media reports. The proposal includes $621 billion for transportation infrastructure and $400 billion direct to care for elderly and disabled people. It would also raise the corporate tax rate to 28%.

10am: Proactive North America headlines:

Algernon Pharmaceuticals Inc (CSE:AGN) (OTCQB:AGNPF) (FRA:AGW) announces topline data from Phase 2b part of its Phase 2b/3 coronavirus trial of Ifenprodil

African Gold Group Inc (CVE:AGG) (OTCMKTS:AGGFF) (FRA:3A61) hails more positive metallurgy results; names Paul Bozoki as new finance chief

Benchmark Metals Inc (CVE:BNCH) (OTCQB:CYRTF) (FRA:87CA) says latest drill assays show potential to expand the AGB zone at Lawyers to the south and at depth

Codebase Ventures Inc (CSE:CODE) (FSE:C5B)(OTCQB:BKLLF) explores non-fungible token investments

Loop Insights  Inc (CVE:MTRX) (OTCQB:RACMF) teams up with Data Clymer to provide real-time data solutions for use in professional sports and live entertainment venues

Exro Technologies Inc (CVE:EXRO) (OTCQB:EXROF) (FRA:1O2) to launch Calgary facility with automotive class manufacturing

OTC Markets Group Inc (OTCQX:OTCM) welcomes Canadian grocer Organic Garage Ltd (TSX-V:OG) (OTCQX:OGGFF) (FRA:9CW1) to OTCQX

Marble Financial Inc (CSE:MRBL) (OTC:MRBLF) (FRA:2V0) inks referral deal with Loans Canada to bring consumers to its MyMarble financial wellness platform

Willow Biosciences  Inc (TSE:WLLW) (OTCQX:CANSF) (FRA:3D7) completes first commercial-scale fermentation run of ultra-pure CBG

Melkior Resources Inc (CVE:MKR) (OTCMKTS:MKRIF) (FRA:MEK1) unveils high grade intercepts from Kirkland Lake drilling at Carscallen asset in Ontario

9:40am: Wall Street starts in the green

The main indices on Wall Street managed to start Wednesday’s session on a positive footing after ADP data revealed a jump in new jobs in March from the US private sector.

Shortly after the opening bell, the Dow Jones Industrial Average was up 0.29% at 33,163 while the S&P 500 climbed 0.36% to 3,972 and the Nasdaq rose 0.67% to 13,129.

The ADP data showed that private employers took on 517,000 US workers in March, a sharp increase from February’s figure of 176,000 but below forecasts of 550,000.

Nela Richardson, ADP’s chief economist, said: “We saw marked improvement in March’s labor market data, reporting the strongest gain since September 2020,

“Job growth in the service sector significantly outpaced its recent monthly average, led with notable increase by the leisure and hospitality industry. This sector has the most opportunity to improve as the economy continues to gradually reopen and the vaccine is made more widely available. We are continuing to keep a close watch on the hardest hit sectors but the groundwork is being laid for a further boost in the monthly pace of hiring in the months ahead.”

7:45am: Wall Street heads for mixed open

There looks to be a mixed session in prospect for Wall Street on Wednesday as investors await the latest ADP jobs data.

The Dow Jones Industrial Average is expected to open around 47 points or 0.1% lower at 33,019 but the S&P 500 and Nasdaq Composite are both looking at marginal increases.

Investors will be looking out to the ADP figures ahead of the non-farm payroll numbers in a couple of days’ time.

Joshua Mahony, senior market analyst at IG said: “Jobs data out of ADP provides us with clues as to the direction of travel for Friday’s non-farm release, with traders hoping to see some initial benefit from the $1.9 trillion stimulus package agreed earlier in the month.”

The forecasts are for the ADP report to show a gain of around 550,000 jobs in March, after a rise of 117,000 last month.

Michael Hewson at CMC Markets UK said: “The US ADP employment report, due out later could also offer up further evidence of a booming US economy if the numbers in any way reflect the huge surge we saw in US consumer confidence in March.

“This afternoon’s numbers could well be an important leading indicator on Friday’s upcoming non-farm payrolls report, where we’ve seen a number of forecasters suggest we might see up to 900,000 new jobs added. While this may be on the optimistic side of forecasts any sort of bumper number will test the Fed’s narrative that a booming jobs market isn’t an inflation risk.”

Signs of inflationary pressures are likely to push up US bond yields again and unsettle the stock market.

Also coming up is President Biden’s infrastructure proposals worth up to $4trn, which should give another lift to the US economy but may also stoke those inflation fears further.

Four things to watch for on Wednesday:

  • Earnings reports for the last day of March will include numbers from computer data storage firm Micron Technology Inc (NASDAQ:MU), pharmacy chain Walgreens Boots Alliance Inc (NASDAQ:WBA) and building management group Acuity Brands Inc (NYSE:AYI)
  • Meanwhile, shares in Pfizer Inc (NYSE:PFE) will be in focus after it said a trial of its COVID-19 vaccine, developed with BioNTech, showed it was 100% effective in adolescents
  • Amazon Inc (NASDAQ:AMZN) could also draw attention after Deliveroo Holdings PLC (LON:ROO), which is backed by the ecommerce giant, saw its shares tank on its trading debut on the London Stock Exchange
  • On the macro front, aside from the ADP data investors may also be keeping an eye on the Chicago PMI and home sales figures

Story by ProactiveInvestors


Source: http://www.proactiveinvestors.com/companies/news/945465/wall-street-in-the-green-at-midday-following-jump-in-jobs-data-dow-teeters-on-the-flatline-945465.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)

Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen!

Nascent Iodine - Promotes detoxification, mental focus and thyroid health.

Smart Meter Cover -  Reduces Smart Meter radiation by 96%! (See Video).

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.