U.S. stock futures held steady on Wednesday night as investors grew hopeful that the Federal Reserve would cut interest rates at its upcoming December 10 meeting. Futures on the Dow Jones Industrial Average (DJIA) and the S&P 500 (SPX) were up 0.01% and 0.02%, respectively, at 9:04 p.m. EST, December 3, while the Nasdaq 100 (NDX) futures were down 0.07%.
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Earlier Wednesday, the ADP report showed a surprise decline in private payrolls for November. This helped push the Dow Jones up 0.9% during the session. The S&P 500 and the Nasdaq Composite rose 0.3% and 0.2%, respectively.
The decline in jobs is generally considered bad news for the economy, but was interpreted as good news by the stock market, as it increased expectations that the Fed would cut rates to stimulate the economy.
Looking ahead, the weekly jobless claims report is due on Thursday. Also, Fed Vice Chair for Supervision Michelle Bowman is scheduled to speak tomorrow.
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