Stocks look set for a slightly higher open as investors await jobs data scheduled for release on Thursday and Friday.
futures have gained 27 points, or almost 0.1%. Futures on the
and
were also steady.
Wednesday won’t feature much in the way of economic data or earnings, but Thursday will make up for it. The ADP report on nonfarm, private-sector employment will hit the wires, as will initial weekly jobless claims. Both results may offer clues about the true key economic data point of the week: the May jobs report, to be released on Friday.
Investors will be examining all the data to see whether businesses are able to hire employees to meet demand, given that a shortage of labor has restricted job gains recently. Investors will also be watching for inflationary signals in the jobs data, as the Federal Reserve may soon begin discussing moves that would effectively lift bond yields, a negative for stock valuations.
“Futures are little changed following a generally quiet night of news as markets await the first employment report of the week,” writes
Tom Essaye,
founder of Sevens Report Research.
Here are five stocks making moves in Wednesday’s premarket action:
(ZM) stock rose 0.5% after reporting a profit of $1.32 a share, beating forecasts for 99 cents a share, on sales of $956 million, above expectations for $906 million.
(AMC) stock gained 17% as the meme stock trade continued.
BlackBerry (BB) stock, another meme play, gained 14.6%.
DXC Technology (DXC) stock gained 2.6% after getting upgraded to Overweight from Equal Weight at Wells Fargo.
(CGC) gained 1.3% after getting upgraded to Hold from Sell at Canaccord Genuity.
