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GM to take more than $5 bln in charges on China operations
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Salesforce ( CRM ) jumps after beating Q3 revenue estimates
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ADP private payrolls report for November due at 8:15 a.m.
ET
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Futures up: Dow 0.46%, S&P 500 0.31%, Nasdaq 0.64%
(Updates with quote, prices)
By Shashwat Chauhan and Purvi Agarwal
Dec 4 (Reuters) -
U.S. stock index futures climbed on Wednesday, with those
tied to the benchmark S&P 500 touching all-time highs, as
investors awaited crucial economic data and remarks from Federal
Reserve Chair Jerome Powell.
November private payrolls data, due at 8:15 a.m. ET, is
expected to show fewer additions compared to the previous month,
while the highly anticipated November monthly employment report
is expected on Friday.
Traders currently see a 74% chance of a 25-basis-point rate
cut from the Fed this month, compared to a more than 66% chance
seen a week earlier, according to CME's FedWatch Tool.
U.S. central bank officials said on Tuesday they still
believe inflation is heading down to their 2% target. While most
signaled support for further interest-rate cuts, none pushed
strongly for or against another reduction at the Fed's meeting
in two weeks.
"Upbeat data, followed by a reiteration of Powell's view
that the Fed is not in a rush to lower interest rates, could
prompt market participants to increase their January pause
bets," said Charalampos Pissouros, senior market analyst at
forex broker XM.
Powell's comments are due later in the day, while the 'Beige
Book', the central bank's U.S. economic activity survey, is
scheduled for release at 2:00 p.m. ET.
Other central bankers including Alberto Musalem and Thomas
Barkin are also scheduled to speak through the day.
November non-manufacturing activity surveys from S&P Global
and the Institute for Supply Management are due shortly after
markets open.
The S&P 500 and the Nasdaq posted record
closing highs on Tuesday, as tech-related stocks continued to
rise in a turbulent session.
U.S. stocks had a solid November after President-elect
Donald Trump recaptured the White House in the Nov. 5 election
and his Republican Party swept both houses of Congress.
The benchmark S&P 500 is up almost 27% so far this year,
significantly outperforming bourses in Europe, Japan
and mainland China.
At 07:00 a.m., Dow E-minis were up 205 points, or
0.46%, S&P 500 E-minis gained 18.5 points, or 0.31%,
hitting an all-time high, and Nasdaq 100 E-minis were up
137.25 points, or 0.64%.
Most megacaps and growth stocks were broadly higher in
premarket trading, with Microsoft ( MSFT ) and Nvidia ( NVDA )
leading gains with a 0.9% rise each.
General Motors ( GM ) slipped 1.5% after the automaker said
it would record two non-cash charges totaling more than $5
billion on its China operations.
Dollar Tree ( DLTR ) gained 6.5% after the discount
store operator
beat
third-quarter sales estimates, while drugmaker Eli Lilly ( LLY )
was up 2.2% after its weight-loss drug Zepbound
topped
rival Wegovy in a head-to-head study.
Salesforce ( CRM ) jumped 12.6% after the enterprise cloud
company beat Wall Street estimates for third-quarter revenue and
raised the lower end of its annual revenue forecast.
Marvell Technology ( MRVL ) advanced 14% after the chipmaker
forecast fourth-quarter revenue above analyst estimates, while
digital identity verification firm Okta ( OKTA ) soared 15.1%
after reporting third-quarter profit versus a year-ago loss.