Pfizer stock is active as markets hold on to ADP jobs data

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The minute of the Wednesday market

  • Global stocks are trading higher as European earnings take regional stocks to a new high and concerns about a crackdown on video game companies in China ease.
  • Toyota and Honda project a shortage of chips through 2022, as COVID infections, supply chain disruptions and tight labor markets reduce PMI growth forecasts in Europe.
  • The ADP payroll group releases its national employment report at 8:15 a.m. EST, with analysts looking for an overall gain of 695,000.
  • U.S. equity futures suggest a mixed open on Wall Street ahead of second-quarter earnings from CVS Health, General Motors and Kraft Heinz as well as ADP jobs data as of 8:15 a.m. EST.

Wall Street futures traded mixed on Wednesday, with the S&P 500 retreating slightly from last night’s high, as investors continue to ride the wave of an impressive earnings season while waiting with Caution major readings of the labor market that could show the political hand of the Federal Reserve.

Payroll group ADP will release its national employment report at 8:15 am EST, with analysts looking for a headline reading of about 700,000 new private sector jobs for the month of July.

A stronger-than-expected tally, however, could add to speculation that Friday’s non-farm wages – the last major reading before the Jackson Hole meeting of global central bankers – could mark the unofficial start of the Fed’s long-term plans. to normalize interest rates, starting with cutting its $ 120 billion in monthly bond purchases.

On the other hand, however, is the bond market itself, where benchmark 10-year Treasury yields have retained their recent rally – and continue to move in the opposite direction of lessening concerns – Like COVID infections, supply chain shortages and a tight labor market continue to test growth prospects.

The only clearly indicated market, it seems, is in equities, where U.S. profits are set to rise 89.8% from a year ago to $ 432.4 billion weighted by US dollars. shares in the second quarter, and European profits are expected to rise 140% from last year. depression induced by the pandemic.

That said, US equity futures are treading water ahead of the ADP reading, with contracts linked to the Dow Jones Industrial Average showing an opening bell low of 35 points and those linked to the S&P 500 valued at a 3 point decline ahead of General Motors second quarter earnings (DG) – Get a report, CVS Health (CVS) – Get a report and Kraft Heinz (KHC) – Get a report.

Futures on the Nasdaq Composite show a small opening bell gain of 5 points.

Pfizer (PFE) – Get a report shares were active in pre-market trading, rising 0.5% to $ 45.90 each, amid reports that its coronavirus vaccine could receive full FDA clearance by Labor Day .

Creator of video games Activision Blizzard (ATVI) – Get a report was also on the rise, jumping 5.35% to $ 84.10 each, after posting higher-than-expected second-quarter profits that raised fears of a crackdown on China’s gaming industry.

Robin Hood (HOOD) – Get a report shares also surged and rose 8.75% to $ 50.89 each – well ahead of their IPO price of $ 38.00 – amid a two-day rally fueled in part by traders retailer sharing information on Reddit’s r / wallstreetbets chat room.

In overseas markets, European stocks extended their recent winning streak to a third straight session, taking the Stoxx 600 to a new all-time high, in part on the strength of the second quarter earnings season and PMI data showing a solid start to the third economic quarter. activity.

Overnight in Asia, concerns over Beijing’s crackdown on games aided regional actions after a state-backed newspaper deleted an editorial calling the industry “spiritual opium.”

The region-wide MSCI Ex-Japan Index rose 0.95% as the final hour of trading approached, while Japan’s Nikkei 225 closed down 0.21% at 27,584 .08 points in the middle of a significant profit session highlighted by blue chip numbers from Toyota, Honda and Sony. .

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