Today’s stock market: Stocks higher, with jobs data in focus; The target goes up

Check back for updates throughout the trading day

U.S. stock futures rose modestly in early trading on Wednesday as Treasury yields extended their recent retreat as investors looked to a series of key labor market data and updates from the Reserve Feds headed for President Jerome Powell’s speech in Jackson Hole to close out the week.

Stocks have been focused on Powell’s speech at the central bank’s annual symposium for a long time over the past week, as investors seek clarity on the Fed’s fall rate path amid a resilient economy and easing inflationary pressures.

However, Wall Street ended its eight-day winning streak last night as late-afternoon selling dragged the S&P 500 down 11 points from the session on thin August trading, a move that interrupted the benchmark index’s longest winning streak since November. last year.

However, markets will have more to focus on in the coming days, with an important release from the Bureau of Labor Statistics later in the session, which will update its monthly estimates for job creation between April 2023 and March 2024.

The Bureau of Labor Statistics will release its annual revision of labor market data later in the session, with estimates that nearly 1 million could be cut from its total.

Spencer Platt/Getty Images

Economists believe the BLS could cut its 12-month total by as much as 1 million, a move that would add fuel to bets the Fed will begin its first rate cut at its September meeting in Washington.

Minutes from the Fed’s July policy meeting, when rates were held steady between 5.25% and 5.5% for the twelfth consecutive month, will be released at 2:00 PM ET.

Benchmark 10-year Treasury yields were marked about 3 basis points lower ahead of today’s session and traded at 3.814%, while 2-year notes fell to 3.996%.

Heading into early Wall Street trading, futures on the S&P 500, which is now up 1.35% on the month, are priced at a modest 6-point gain.

Meanwhile, the Dow Jones Industrial Average is named 52 points higher, while the tech-heavy Nasdaq is slated for a 15-point gain.

Stocks on the move include JD.com (JD) which fell nearly 7% in premarket trading after Walmart (WMT) confirmed its divestment in the Chinese online retailer.

Toll Brothers (TOL) rose 1.1 percent after the homebuilder beat Street estimates for third-quarter earnings and raised its full-year profit forecast.

Related: Target gains in focus as Walmart tightens grip

Target Corp (TGT) Meanwhile, it rose nearly 9 percent after the retailer posted stronger-than-expected second-quarter earnings that included solid same-store sales gains and an improved full-year profit forecast.

More Wall Street analysts:

• Analysts reset Amazon stock price targets after earnings
• The analyst resets the price target on Rivian shares on updated plans
• Analysts reset price target on Arm Holdings shares after earnings

In Europe, markets were modestly firmer midweek with an eye on US jobs data, with the Stoxx 600 up 0.25% in Frankfurt and Britain’s FTSE 100 gaining 0.18% in London.

Overnight in Asia, MSCI’s regional benchmark ex-Japan fell 0.46 percent in late trade, while Tokyo’s Nikkei 225 was marked 0.29 percent lower by the end of the session.

Related: Veteran fund manager sees world of pain coming for stocks