Nasdaq, S&P, Dow futures rise as investors await more jobs data (SPX)

Stock index futures traded in the green on Wednesday, a day after the JOLTS data showed that the labor market continued to soften, while investors await another jobs report.

S&P 500 futures (SPX) +0.3%, Nasdaq 100 futures (US100:IND) +0.4% and Dow futures (INDU) +0.1%.

The 10-year Treasury yield (US10Y) rose 2 basis points to 4.35%. The 2-year yield (US2Y) was unchanged at 4.79%. See how other yields trade across the entire yield curve here.

Wall Street’s major market averages closed Tuesday’s trading session slightly higher as investors pushed through a choppy day of trading activity.

The April Job Openings and Labor Turnover Survey showed that the number of job openings dropped to 8.059M from 8.355M in March, which itself was revised down from 8.488M. The April print fell short of the 8.370M expected.

“A clear indicator of a cooling U.S. labor market, with labor demand continuing to moderate. This also follows on from a series of generally weaker U.S. data over the past few days,” Deutsche Bank’s Jim Reid said.

“April’s JOLTS report brings further signs of labor market normalization. Lower wage growth is likely to follow,” Pantheon Macroeconomics said.

On the economic front, the May ADP measure of private employment is expected today before the bell. Economists expect a fall to 173K.

The May S&P Global Composite PMI and the ISM service index will be released during market hours. The former is forecasted to rise to 54.4, while ISM services is seen rising to 51.

“ADP’s data and the employment index of the ISM services survey are hopeless indicators of payrolls,” Pantheon Macro added.

Among the market movers, Hewlett Packard Enterprise (HPE) was up 14% in premarket trade, after its guidance and Q2 results topped estimates helped by artificial intelligence capabilities.