U.S. stock futures trended higher ahead of Wednesday’s session as investors weighed mixed signals from Washington and awaited key jobs data. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 0.35%, 0.22%, and 0.27%, respectively, at 1:00 a.m. EST, July 2.
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President Donald Trump’s tax-and-spending bill passed the Senate on Tuesday but still faces resistance in the House. HSBC’s Jose Rasco said this could bring more short-term market volatility, especially in bonds, but expects stocks to bounce back once things settle and the Fed takes action.
In Tuesday’s trading, the Nasdaq 100 closed with a 0.84% loss, the Dow Jones climbed nearly 400 points, while the S&P 500 inched lower by 0.03%.
Today, the ADP jobs report is due, with economists expecting 120,000 new jobs in June, up from 37,000 in May. The key event this week is June’s main jobs report, coming out Thursday morning.