Wall Street futures inch up on rate-cut bets
- U.S. stock index futures edged higher on Wednesday as investors strengthened bets on an earlier start to rate cuts by the Federal Reserve this year than previously expected, after a string of economic data pointed to slowing economic growth.
That came on the heels of initial losses after data showed U.S. job openings in April fell to their lowest in more than three years, the latest economic report to suggest growth in the world's largest economy is cooling. This allows the Federal Reserve more room to cut interest rates. "The JOLTS report follows a string of soft economic data releases and suggests a gradual cooling in the US economy... market participants are likely to welcome a cooling economy and the prospect of monetary easing, given the overwhelmingly bullish outlook among investors," analysts at BCA Research said in a note.
Investors now await the nonfarm payrolls report, due on Friday, which will provide a more complete picture of the labor market. The ADP National Employment report, as well as surveys on the services sector, are expected later on Wednesday.) rose 2.2% after a report that the company plans to explore options that include a potential sale or spin-off of Family Dollar.
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