Dow Futures Rise As Wall Street Tracks Signals For Next Fed Rate Move: GOOGL, DELL, HPQ, ADSK Among Stocks To Watch

Dow Jones futures were up by 0.17% at the time of writing, and the S&P 500 futures rose 0.32%.

• On Tuesday, an ADP report showed that U.S. companies cut 13,500 jobs per week on average over the four weeks ending November 8, adding to concerns about labor market weakness.
• Asian markets ended Wednesday’s trading session on a largely positive note, with the KOSPI leading with gains of 2.6%.

U.S. stocks appear set for a positive opening on Wednesday as investors keep an eye on catalysts that could influence the Federal Reserve’s rate decision in the upcoming Federal Open Market Committee (FOMC) meeting in December.

On Tuesday, an ADP report showed that U.S. companies cut 13,500 jobs per week on average over the four weeks ending November 8, adding to concerns about labor market weakness.

The data, released as part of a preliminary estimate in ADP’s National Employment Report, shows a reversal in hiring trends over the past week. According to last week’s ADP NER report, U.S. companies added 2,500 jobs per week over four weeks ending November 1.

Futures Rise

While Dow Jones futures were up by 0.17% at the time of writing, the S&P 500 futures rose 0.32%, and the tech-heavy Nasdaq 100’s futures gained 0.47%. Futures of the Russell 2000 index were down by 0.15%.

Meanwhile, the SPDR S&P 500 ETF (SPY) was up by 0.32% at the time of writing, Invesco QQQ Trust (QQQ) gained 0.47% on Wednesday morning, and SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 0.15%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bearish’ territory.

Asian Markets Largely Positive

Asian markets ended Wednesday’s trading session on a largely positive note, with the KOSPI leading with gains of 2.6%, followed by the Nikkei 225 at 1.93%, the TWSE Capitalization Weighted Stock index at 1.81%, and the Hang Seng index at 0.02%.

The Shanghai Composite index declined 0.15%.

Stocks To Watch

• Alphabet Inc. (GOOG) (GOOGL): Alphabet’s Class A shares were up nearly 2% in Wednesday’s pre-market trade. If the gains hold when trading opens, the company’s market capitalization will be within striking distance of $4 trillion.
• Dell Technologies Inc. (DELL): Dell shares were up nearly 5% pre-market after the company’s third-quarter (Q3) earnings beat Wall Street expectations. Dell reported earnings per share (EPS) of $2.59 on revenue of $27 billion, compared to estimates of an EPS of $2.47 on revenue of $27.15 billion, according to Stocktwits data.
• HP Inc. (HPQ): HP shares were down more than 5% after the company warned that the rising prices of memory chips could hurt its results during the current fiscal year.
• Autodesk Inc. (ADSK): Autodesk shares were up nearly 8% pre-market after the company’s Q3 results topped expectations. Autodesk reported an EPS of $2.67 on revenue of $1.85 billion, compared to analyst estimates of an EPS of $2.5 on revenue of $1.81 billion, according to Stocktwits data.
• Li Auto Inc. (LI), EHang Holdings Ltd. (EH), and Goatu Techedu Inc. (GOTU) are among the companies scheduled to report their latest quarterly earnings on Wednesday.

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