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Wall Street trimmed early session gains on Wednesday after official government data downwardly revised nonfarm payrolls by 818,000 from previous estimates between April 2023 and March 2024. This adjustment suggests that the labor market’s strength was not as robust as investors had initially believed.
By midday trading in New York, major U.S. indices hovered slightly above the flatline, with both the S&P 500 and the Nasdaq 100 adding mild gains after snapping an eight-day winning streak on Tuesday. Blue-chip stocks were flat, while small-cap stocks managed to rise by 0.6%.
Traders are now eagerly awaiting further insights on monetary policy from the minutes of the Federal Reserve Open Market Committee’s July meeting, scheduled for release at 2:00 p.m. ET.
Meanwhile, speculators have increased their expectations of a 50-basis-point rate cut in September, assigning a 32.5% probability to this scenario in response to the downward revisions of the annual nonfarm payrolls. Market participants are fully pricing in 100 basis points, equivalent to a full percentage point, in cuts by the end of the year.
The U.S. dollar is experiencing its fourth consecutive session of losses, while Treasury yields are dropping on the shorter end of the curve, with the policy-sensitive 2-year note seeing yields tumble by 6 basis points to 3.92%.
Gold is down slightly, off by 0.3%, while oil prices are down 1.2%, with West Texas Intermediate crude projected to close at its lowest levels since early February 2024.
Bitcoin (CRYPTO: BTC) gained 1% but remains below the $60,000 mark.
Major Indices | Price | 1-day %chg |
Russell 2000 | 2,152.99 | 0.6% |
S&P 500 | 5,606.52 | 0.2% |
Nasdaq 100 | 19,747.92 | 0.1% |
Dow Jones | 40,818.92 | 0.0% |
According to Benzinga Pro data:
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