Stock futures were slightly higher on Wednesday as traders eagerly awaited private payroll data and analyzed the latest corporate earnings. The Dow Jones Industrial Average futures advanced 42 points, or 0.1%, while S&P 500 futures climbed 0.2% and Nasdaq 100 futures rose around 0.4%.
Hewlett Packard Enterprise saw a significant increase of more than 14% after exceeding Wall Street expectations in its fiscal second quarter. CrowdStrike also experienced a jump of almost 7% following stronger-than-expected earnings and guidance.
These positive moves came after a successful day on Wall Street, with the Dow climbing about 140 points and the S&P 500 and Nasdaq Composite each adding close to 0.2%.
Traders are closely monitoring the state of the labor market, with recent data showing a decrease in job openings to the lowest level in more than three years. The upcoming release of private payroll data from ADP is anticipated to show an addition of 175,000 jobs in May.
In addition to employment data, traders are also keeping an eye on services and nonmanufacturing purchasing data, weekly jobless claims numbers, and the all-important May jobs report set to be released on Friday.
Bill Northey, investment director at U.S. Bank Wealth Management, highlighted the importance of these labor market releases, stating that they are crucial data points from a monetary policy standpoint.
On the earnings front, Dollar Tree is expected to share results before the bell, while Lululemon is slated to post earnings after the market closes. With all these factors in play, traders are gearing up for an eventful day in the stock market.
