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Stock-index futures in the U.S. were lower in early trading despite upbeat news about employment.
Figures on hiring in the private sector from ADP and data on initial claims for unemployment benefits both came in strong as investors await key jobs data to be released by the government on Friday. ADP said the private sector added 978,000 jobs, while initial claims for unemployment benefits fell to 385,000 moving below 400,000 for the first time since the start of the pandemic.
The
was off 0.6% shortly after the numbers emerged, while the
was 0.7% lower. The
was down 1.1%. All three indexes had been in the red before the data landed.
In Asia, the
ended 0.4% higher while the
fell 1.3%. The
which ended at a record high on Wednesday, slipped 0.2%.
The
closed on Wednesday with a slight 0.1% gain to the third-highest finish in history.
“Equities are in something of a ‘no mans land’ at the moment, with the S&P 500 continuing to chop around the 4,200 handle, and failing so far to push on to a new all-time high. Such a landmark doesn’t look too far away, though, with the path of least resistance continuing to point higher,” said Michael Brown, senior market analyst at Caxton FX.
A separate focus for the market is the possibility for bipartisan infrastructure spending package after President
Joe Biden
and Republican senator
Shelley Moore Capito
agreed to hold another round of talks on Friday. U.S. investors also will get their first opportunity to react to the news the Federal Reserve is selling off its corporate bond portfolio acquired during the pandemic’s early days.
While the broader market is stuck to a tight range, the so-called meme stocks continue to attract attention. Movie chain
closed with a 95% gain, after announcing a free large popcorn for its investors.
“The stock is up well over 2,000% so far this year and is trading at levels that are entirely disconnected from fundamentals,” said David Trainer, chief executive of New Constructs, an investment research firm. “We think
‘s stock is worth $0 per share, given its weak earnings, dilution from recent stock offerings and mountain of debt.”
will be in the spotlight after the cybersecurity firm said it will sell its products business to Symphony Technology Group for $1.2 billion in cash and keep its Mandiant Solutions software business, whose name it will adopt.
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