Premarket: S&P 500 Futures Off Daily Lows After ADP Report

S&P 500 futures trading lower ahead of the cash market opening after the Private payrolls rose by 2.369 million in June, below the expectations of 2.5 million according to ADP. May figures revised higher to 3.065 million from a job loss of 2.76 million. Jobs added to the leisure and hospitality sectors which were the sectors that lost the most jobs during the coronavirus lockdown. Small companies added 937k to lead industries by size. Businesses with more than 500 workers were up 873k while medium-sized companies added 559k. Earlier today the Challenger Job Cuts came in at 170.219K in June below the previous month of 397.016K

Dr Anthony Fauci, in his testimony yesterday, said that now U.S. having 40-plus-thousand new cases a day, but the new cases might rise to 100,000 a day if that trend continues.
The S&P 500 futures are 0.39% lower at 3,078. The Dow Jones futures are 0.60% lower at 25,539, while the Nasdaq futures are 0.30% lower at 10,115.

European Markets Under Pressure Despite Better PMI Data 

European markets trade lower on Wednesday despite better than expected economic data from Europe. The Dax index is 1.02% lower at 12,187. The Germany Manufacturing PMI registered at 45.2 above the consensus of 44.6 in June. The Unemployment Rate seasonally adjusted came at 6.4%, below the estimates of 6.6% in June. Earlier today the Germany Retail Sales came in at 13.9% above the forecast of 3.9% in May. The yearly reading for the Retail Sales registered in at 3.8% above the expectations of -3.5%. 

The CAC 40 index is 0.82% lower at 4,894. The France Manufacturing PMI came in at 52.3, topping the expectations of 52.1 in June, while In London the FTSE 100 is 0.51% lower at 6,137. The UK Manufacturing Purchasing Managers’ Index (PMI) came in at 50.1 in line with forecasts and at the same level as the previous month. 

 

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S&P 500 Futures Daily Chart

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